The central bank has put forward an economics professor at Seoul National University and a former Bank of Korea deputy governor to replace two outgoing members.
The Bank of Korea maintained its interest rate at 3.5 percent amid uncertainties about inflation and global oil prices. A rate cut could be possible starting in July.
The Bank of Korea maintained the interest rate at 3.50 percent after worse-than-expected U.S. inflation data put a damper on hopes that the Federal Reserve will begin cutting the rate in June.
The government plans to relax visa regulations for migrant household workers to address Korea's low fertility rate and aging society. Some Koreans are concerned about the high cost and cultural consequences of hiring such workers.
Consumer sentiment in the country declined in March after a three-month streak on the back of soaring food prices and depressed private spending.
A potential rate cut from the Bank of Korea is unlikely to stoke real estate prices, a member of the Korean central bank's Monetary Policy Board said Tuesday.
Account transfers and cash withdrawals from automated teller machines (ATMs) totaled 14.85 trillion won ($11.26 billion) in January, the lowest in 19 years, according to data from the Bank of Korea on Wednesday.
The growth of household loans extended by banks slowed in February as people paid back credit loans using holiday bonuses.
Korea logged a current account surplus of $3.05 billion in January, the ninth month in the black, on the back of demand for chips and cars.
Korea logged a current account surplus for the ninth straight month in January on the back of a continued trade surplus driven by the recovery of chip and car exports, central bank data showed Friday.
Korea JoongAng Daily Sitemap