South Korea Opens FX Market Around the Clock to Support MSCI Upgrade

South Korea FX market reform is set to accelerate after authorities said the country will open its onshore foreign-exchange market to 24-hour trading from July, loosening long-standing restrictions as it seeks an upgrade to developed-market status from MSCI.

Since the late-1990s Asian Financial Crisis, South Korea has maintained tight currency controls, with MSCI citing limited FX market access as a key obstacle to reclassification.

Vice Finance Minister Lee Hyoung-il said officials will publish a first-half roadmap to internationalise the won, including measures to improve accessibility and expand offshore won financing, while adhering to a previously announced MSCI-inclusion plan.

The finance ministry also plans an offshore-won trading system, simplified registration and lighter reporting requirements.

Separately, it raised its 2026 growth forecast to 2.0% and projected inflation of 2.1%.