The government is set to announce measures within the year aimed at easing the monopoly held by the nation's banks.

According to the presidential office and government officials on Friday, the administration is internally reviewing ways to weaken the exclusivity of the banks, details of which will be finalized and announced by the year's end.

This comes after President Yoon Suk Yeol said last week that monopolies in the banking sector should be countered to create more competition.

Some measures under consideration include boosting competition between banks to lower interests and expanding the financial infrastructure to lessen the burden of high-interest for consumers with low credit scores or young people with little work experience.

The top office is reportedly against the proposal by the main opposition Democratic Party to introduce taxes on banks deemed to have "excessive profits."