Finance Minister Hong Nam-ki has emphasized that redenomination is not being considered by the government. 

Speaking at a press conference at the government complex in Sejong City on Thursday, the minister said he is aware of speculation and controversy regarding redenomination, or revising the currency unit, but that is not being considered. 

When asked about concerns regarding the growing national debt, Hong acknowledged that the national debt will increase and likely account for more than 40 percent of the country’s gross domestic product next year. 

However, he said the government already announced that the debt will stand at 40-point-two percent next year as it drafted a five-year fiscal plan for 2018 to 2022. 

The minister also emphasized that growing debt is inevitable due to an expansionary fiscal policy and decreased tax revenues. He defended the fiscal policy, saying it is needed to shore up the economy, assist structural reform and prepare for the future.