The South Korean government has decided to advance its original target date for fully liberalizing the local currency market by two years. The decision was reached amidst concerns of high volatility of the won-dollar exchange rates that is expected to impair the international price competitiveness of Korean exports. The Ministry of Finance and Economy submitted its business plans for 2006 that include the speeding up of foreign exchange market liberalisation process to the Prime Minister's Office. MOFE said it has decided to expedite the foreign exchange market liberalisation schedule, in which it has planned to complete the full liberalisation process by 2011.