Seoul: South Korea has climbed to 14th place in terms of trading volume within the global foreign exchange (FX) market, as reported by the country's central bank. The Bank of Korea (BOK) highlighted that South Korea's trading volume has surged over 26 percent compared to three years ago.

According to Yonhap News Agency, the average daily trading volume of South Korea's FX market reached US$85.72 billion as of April, a significant increase from $67.75 billion in April 2022. This data was based on a triennial survey conducted by the Bank for International Settlement (BIS). The survey also revealed that the average daily trading volume of the global market stood at $12.57 trillion in April, up from $98.23 trillion the previous year.

South Korea's contribution to the global FX derivatives market constituted 0.7 percent this year, placing the country 14th among participating nations. This marks an improvement from its 15th place position in April 2022. Furthermore, South Korea's over-the-counter (OTC) interest rate derivatives market demonstrated an average daily trading volume of $14.59 billion this year, reflecting a 34.7 percent increase from the earlier survey.

The country accounted for 0.2 percent of the global OTC interest rate derivatives market, which averaged $8.7 trillion, ranking it 18th globally. A BOK official noted that the expansion of both global foreign exchange and interest rate derivatives markets has been driven by increased trade volumes, with recent fluctuations in exchange and interest rates contributing to this growth.