The government has decided to improve the limited convertibility of the Korean won, which is a factor that has been cited as an obstacle for South Korea making the list of developed markets on the Morgan Stanley Capital International(MSCI) World Index.
 
The secretary general of the Financial Services Commission(FSC), Kim Yong-beom, said in a news conference on Wednesday that the commission will actively seek ways to improve currency convertibility within the scope of maintaining the foreign exchange market’s stability.
 
MSCI, which is Morgan Stanley's research arm, has cited South Korea’s limited currency convertibility and inflexibility in its foreign investment registration system as reasons for not classifying the country as a developed market on the index.