BOK governor admits to need of redenomination of Korean won

Bank of Korea Governor Lee Ju-Yeol has acknowledged the need for a redenomination of the country's won currency.

During the National Assembly's audit of the central bank, Lee said he admits to the need for currency redenomination and that the bank has been in discussions regarding the issue.

It is the first time the BOK governor made such remarks on the redenomination which means a unit change of the currency, leaving its value as it is.

Lee added that public support for redenomination will have to be garnered before implementation due to possible ill-effects.

There have been arguments in the country that the number of zeroes should be reduced in line with the size of the economy.

Meanwhile, the central bank governor also admitted to a further reduction of the country's key interest rate, citing that the current level is not the lowest possible limit.

Following four rounds of rate cuts intended to help revitalize the economy, South Korea's benchmark rate has remained at the record low of 1.5 percent since June.