South Korea's Ministry of Economy and Finance published a readout of Deputy Prime Minister Koo Yoon-cheol's meeting with major commercial banks, foreign bank branches and the Bank of Korea on foreign exchange market reform, focused on readiness for 24-hour interbank FX trading from July 2026 and the launch of an offshore KRW settlement system in January 2027. The reform package would extend KRW-USD interbank trading from the current 09:00 to 02:00 next day window to 24-hour trading and broaden access for global investors to Korea's foreign exchange and capital markets. Under the planned changes, foreign investors would be able to invest in Korean securities through accounts at foreign banks without opening domestic accounts, and KRW borrowing would also become possible. The ministry described the package as a fundamental overhaul of the foreign exchange framework maintained since the 1997 foreign exchange crisis, aimed at modernising market infrastructure and meeting demand from global investors. Participating banks reported enquiries from foreign investors, exporters and importers, including prospective new clients, and said the reforms will require changes to staffing, internal processes and information technology systems. They agreed to stay in close communication with the government, which urged banks to commit personnel, operational resources and system development capacity to ensure smooth implementation.

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