Seven out of ten major foreign investment banks expect South Korea's central bank to raise its key interest rate in November, after the country's economic growth hit a seven-year high in the third quarter.

According to the Korea Center for International Finance on Sunday, seven out of ten major overseas investment banks – Citi, JP Morgan, Barclays, Goldman Sachs, Standard Chartered, Nomura and HSBC – predict that the Bank of Korea will increase its rate at a monetary policy meeting slated for November 30.

BoA Merrill Lynch and Credit Agricole expect the hike will take place in the first quarter of next year. Morgan Stanley suggested the rate will remain flat throughout next year.

Goldman Sachs said the central bank may increase the rate three times by the end of next year to eventually reach two percent.

Last week, the central bank kept the benchmark interest rate at the record low level of one-point-25 percent, which stayed unchanged for 16 straight months since June of last year.