Federal Reserve Bank of Minneapolis President Narayana Kocherlakota reiterated on Thursday that the Fed should not start to raise its interest rate this year.

"Under my current outlook, I continue to believe that it would be a mistake to raise the target range for the fed funds rate in 2015," he noted.

Kocherlakota noted that the job growth has not reached its pre-recession level.

"By some key metrics, the labor market improved more in 2014 than it had in almost 20 years. Yet, by these same metrics, we would need to see at least three more years like 2014 for labor market conditions to return to their 2006 levels," the Federal Reserve Bank of Minneapolis president said.

Kocherlakota is not a voting member of the Federal Open Market Committee this year.