The standards of the International Monetary Fund(IMF) do not find that the size of South Korea's foreign exchange reserves is cause for concern, the head of the central bank has said.

At a parliamentary audit on Friday, Bank of Korea(BOK) Governor Rhee Chang-yong said the country's current reserves fall slightly under 100 percent, within the IMF's standard of 80 to 150 percent for emerging economies.

The nation’s reserve holdings last year, standing at 99 percent, was well within the range recommended by the IMF based on the combined weighted average of a nation's export volume, currency in the market and current foreign debt.

Addressing a currency swap with the U.S. for in a bid to stabilize the exchange rate, Rhee said the BOK has engaged in discussions and information exchanges with the U.S. Federal Reserve, which will make the final decision. He added that a contraction in the dollar’s liquidity is a prerequisite.

While declining to comment on projections on the Fed taking another "big step" during next week's rate-setting meeting, the BOK chief said the central bank's position is to maintain the rate-hike policy amid inflation in the five-percent range.