The Bank of Korea has decided to hold fewer monetary policy meetings, where the nation's benchmark interest rate is decided.
 
The Bank of Korea approved in its Monetary Policy Committee meeting on Thursday to drop the number of interest-rate related meetings from the current 12 to eight a year from 2017.
 
The central bank will instead use the four meetings to discuss financial stability. It will also promote organizational transparency by revealing the names of Monetary Policy Committee members who present minority opinions.
 
As a result, the central bank will announce its decisions regarding the key interest rate every six or seven weeks starting in 2017.
 
Currently, the Bank of Korea holds a meeting of the Monetary Policy Committee on the second and fourth Thursdays every month.