SEOUL, March 8 (Yonhap) -- North Korea has named the third son of a late former foreign minister as head of the communist country's central bank, according to an official media report released this week.

Reporting on a meeting of businessmen from around the country, Pyongyang's official Korean Central News Agency on late Monday described Paek Ryong-chon, the son of former foreign minister Paek Nam-sun, as president of the Central Bank of the Democratic People's Republic of Korea, the North's official name.