Korea to unveil road map aimed at Korean won internationalization in first half of the year

Exchange rates are displayed at a bank's currency exchange counter in Incheon Airport, Feb. 19. Yonhap

Korea will announce a detailed plan in the first half of the year aimed at internationalizing the Korean won, the finance ministry said Friday, as authorities seek to bolster the currency's global standing.

The plan was discussed at a government task force meeting attended by senior officials from the Ministry of Economy and Finance, the Bank of Korea and other relevant agencies.

Officials said the won has yet to gain recognition in global financial markets commensurate with the size of Asia's fourth-largest economy.

They described the currency's internationalization as a key policy priority to advance the economy and further develop the country's foreign exchange (FX) and financial markets.

Improving foreign investors' access to the won and broadening its use and stability will be central to the effort, the ministry added.

The announcement also follows a series of FX stabilization measures introduced in recent months as the won continued to depreciate against the U.S. dollar.