S. Korean president retains central bank chief

SEOUL, March 2 (Xinhua) -- South Korean President Moon Jae-in decided Friday to retain incumbent Bank of Korea (BOK) Governor Lee Ju-yeol as the top central banker for four more years.

Presidential spokesman Kim Eui-kyeom told a press briefing that Governor Lee was retained at the post to let him stably continue the current monetary policy stance.

Lee's four-year term was scheduled to expire by the end of this month.

The decision came as a surprise as Lee was named by impeached President Park Geun-hye.

Governor Lee has been criticized for his responsibility for the prolonged low rate trend, which sharply increased the household debts in the past four years.

The country's household debts kept a record-breaking trend as the BOK, led by the governor, lowered its benchmark interest rate to an all-time low of 1.25 percent in June 2016.

The BOK raised its policy rate in November last year to 1.5 percent, the first rate increase in almost six and a half years. Enditem