Global investment banks are forecasting that South Korea will hike its benchmark interest rate in the second half of this year. 

According to the Korea Center for International Finance, most global investment banks operating in the nation, including Citi, Goldman Sachs, Bank of America(BoA), HSBC and Nomura, expected the Bank of Korea(BOK) to raise the key rate some time between July and December. 

Bank of America said a rate hike in the first half is unlikely due to growing uneasiness over global trade conflicts, pointing to the BOK’s earlier prediction that the South Korean economy’s dependence on trade will deepen compared to last year. 

The BOK maintained the key rate at one-point-five percent last Thursday.