The Bank of Korea (BOK) is considering changing its guidance on the anticipated future course of interest rates by providing graphic forecasts and extending the duration to increase transparency.

However, a senior official and one of the central bank’s seven members oppose the suggestion, citing concerns that revealing future policies could erode public trust.

The BOK, which currently provides verbal forward guidance, would be the first to provide any graphic predictions of the anticipated path of monetary policy.

The new format aims to be straightforward and leave little room for interpretation.

Analysts anticipate the BOK will reduce its benchmark interest rate by 50 basis points by year’s end from its current level of 3.50%.

The BOK’s current meeting-by-meeting approach to forward guidance has led to a preference for news conferences for communication.

However, internal concerns about more explicit forward guidance stem from the experiences of other central banks, such as the Reserve Bank of Australia and the Federal Reserve, which have faced criticism for their inability to predict recent price surges.