South Korea has unveiled plans on disclosing records of its currency market intervention as part of efforts to increase transparency of the nation's foreign exchange market.
The Finance Ministry announced on Thursday that it decided to reveal its records of currency market intervention every six months for one year and then switch to quarterly disclosures to minimize any negative impact on the market.
The ministry said that the disclosures will be made within three months after a reporting period, and the net amount of FX trading by the country's currency authorities will be disclosed.
The first disclosure will be posted on the Web site of the Bank of Korea next March, revealing the records for the period from July to December this year.
South Korea has been engaged in "smoothing operations" in the foreign exchange market to check extreme one-sided movements, but the U.S. and the International Monetary Fund have been demanding that it disclose such interventions to enhance transparency.
[Photo : YONHAP News]