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Report: South Korean central bank chief re-appointed

South Korean President Moon Jae-in re-appointed Bank of Korea Governor Lee Ju-yeol for another four-year term, Yonhap News Agency reported, citing the country's presidential office.

The decision to appoint Lee to a second term reflects Moon's "willingness to guarantee" the central bank's independence and autonomy, presidential spokesman Kim Eui-kyeom was quoted as saying by Yonhap. Lee, whose current term ends this month, had been appointed by the ousted former President Park Geun-hye.

"Also, the nominee has vast knowledge and experience in macroeconomics and the financial market. He is expected to stably lead the Bank of Korea as he also enjoys the high confidence of bank officials," Kim added.

The spokesman also noted that the U.S. and several European nations "ensure stable management of monetary policies by allowing their central bank governors to remain in office for a long time."

As central bank governor in the past four years, Lee oversaw monetary policies that helped push South Korean household debt to a record level as of the end of 2017 and that resulted in the first rate hike in six years in November 2017. The central bank kept its base rate unchanged at 1.50% in the most recent policy meeting.