SEOUL, Jan. 8 (Xinhua) -- The chief of South Korea's central bank on Friday highlighted that the right to settle decisions in monetary policy belongs to the Monetary Committee of the Bank of Korea (BOK), reassuring its independence in the issue.

    "I believe it is the seven members of the committee that should be responsible for the decision making (in monetary policy)," Lee Seong-tae, the chief of the BOK, told reporters after the bank's monthly rate-setting meeting when asked of his opinion on the vice finance minister's participation.

    Lee took a cautious stance as he was inquired of the same issue twice, sparing any comments with regard to the issue.

    Earlier in the day, Vice Finance Minister Hur Kyung-wook attended the BOK's monthly monetary policy meeting where a key interest rate is decided.

    The government announced on Thursday the vice finance minister will be taking part in the meeting for this year, which government officials usually didn't participate unless in emergency.

    The BOK head's remarks came amid heated controversy over the legitimacy of the vice finance minister's move in light of independence of the central bank.

    The government and the finance ministry have lately been showing signs of disputes, with the BOK head repeatedly hinting at a possible interest hike, whereas the finance ministry stressing the need for continued accommodative monetary policies.

    "There is not much difference between the government and the BOK in terms of how we understand the economy in a macro scope," Lee said, but added there still lies disagreements when looked into details.

    He remained wary when asked he and President Lee Myung-bak, who had said there wouldn't be an exit strategy in the first half, took the same view, only saying "it is hard to say (we are) the same or different (in our views)."

    With media and market attention focused on the issue, the central bank announced to keep the key interest rate at a record low of 2 percent for the 11th consecutive month.

    With Lee Seong-tae's term in office ending in end-March, local media in one voice expect that an interest hike will likely come during his term.

Special Report:  Global Financial Crisis