The International Monetary Fund(IMF) has again accused the South Korean government of excessively intervening in the foreign exchange market.

In the 2016 External Sector Report(ESR) released on Wednesday, the IMF said South Korea’s foreign reserve gradually increased between 2009 and mid 2014 and since then has remained at a stable level.

It then called on the South Korean government to refrain from intervening in the foreign currency market more than necessary, saying its intervention can be legitimate only when it is aimed at correcting excessive market volatility.

The IMF has repeatedly warned against South Korea, accusing its government of excessive involvement in the foreign currency market, but Seoul has denied the accusation.

Meanwhile, the IMF expected that South Korea’s current account surplus will decrease this year from last year due to a rebound in oil prices.