The Bank of Korea(BOK) has frozen the key interest rate for the eighth consecutive month.

The central bank held its monthly monetary policy meeting on Tuesday and decided to leave the benchmark rate steady at one-point-five percent for February. 

The key rate has remained unchanged since the BOK lowered it by 25 basis points in June 2015.

The freezing of the key rate is attributed to the growing volatility in both domestic and overseas financial markets, triggered by factors such as uncertainties regarding the U.S. key interest rates, sluggish emerging markets and geopolitical risks on the Korean Peninsula.

Mounting household debt also likely contributed to the BOK decision to freeze the key rate.