Finance Minister Hong Nam-ki made it clear that it's not time to discuss redenomination, or revising the currency unit, when the government is focused on reviving the economy.

Speaking to reporters after a field inspection of a company in Paju, Gyeonggi Province on Thursday, Hong said the issue of redenomination requires public consensus and prior studies as it carries great social impact. 

He stressed the government has not reviewed the issue.

In a news conference following Thursday's rate-setting meeting, Bank of Korea Governor Lee Ju-yeol also echoed this view, saying that redenomination is not being considered. 

Regarding consultations between the government and ruling party over drawing up an extra budget, Minister Hong said the two sides mostly agree on what areas the supplementary budget should be used for. 

However, Hong said he received feedback that a greater focus can be placed on aid provision for the victims of the 2017 Pohang earthquake and the recent wildfires in Gangwon Province.