By Lee Hyo-sik
Staff Reporter
Deputy Prime Minister and Finance-Economy Minister Lee Hun-jai said Friday that the government has no immediate action plan for changing its monetary unit in the foreseeable future.

In a meeting with reporters Friday at the government complex in Kwachon, south of Seoul, the minister said that the government will not carry out any sudden economic policies that will catch market players off guard or increase uncertainty in the economy, adding that national consensus should be first reached before making any decision on redenomination.

Redenomination will be implemented purely for the goal of currency reform and not be used for freezing deposits or other purposes, he stressed.

He made the remark as people are said to be searching for ways of hiding their cash in property, antiques and dollars as well as diverting wealth overseas.

Earlier this month, a group of politicians called for either the issuance of a 100,000 won ($84) banknote or the redenomination of the local currency to turn the current 1,000 won or 100 won into 1 won.

Minister Lee said on Sept.16 that the government had started a feasibility study on the redenomination of Korea’s currency and that it could take four to five years at least, as any redenomination will only be launched after thorough discussion and careful analysis has taken place, Lee added.

leehs@koreatimes.co.kr