Korea pushes won internationalization to overhaul foreign exchange market

The internationalization of the Korean won is a key task in the government's efforts to advance the country's foreign exchange and financial markets to the next level, a senior official said Wednesday.

Second Vice Finance Minister Huh Chang made the remark during a task force meeting on the internationalization of the Korean won, noting the country intends to fundamentally reform its foreign exchange policies, which have been maintained since the 1997 economic crisis.

The meeting came as Korea plans to unveil a road map for the vision later this month, which was prepared in cooperation with the Bank of Korea and other relevant agencies.

During the meeting, the participants discussed ways to transform the Korean won into a "freely convertible currency" from its current status as a "restricted currency."

They also exchanged opinions on potential volatility and risks during the process of pursuing the internationalization of the Korean won, the ministry added.

"The participants agreed to maintain communication with the market by using the task force as a central platform," the ministry said.

Yonhap