SEOUL (Reuters) -The Bank of Korea plans to expand its forward guidance scheme by offering a dot plot of the likely path of future interest rates to better communicate monetary policy to market participants, Governor Rhee Chang-yong said on Thursday.

Such a scheme would expand on the current one, in which Rhee verbally reveals the six board members’ conditional views over a three-month horizon at a news conference following each policy rate review.

“The Bank of Korea is conducting forward guidance pilot tests,” Rhee said in a speech prepared for this year’s Camdessus Central Banking Lecture at the International Monetary Fund.

“Six Monetary Policy Board members, excluding myself, then indicate their views on the rate path for the next year using dots,” Rhee said, adding that the graphica

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