The vice chief of the Bank of Korea(BOK) says that monetary policy can play a crucial role in stabilizing housing prices, but the central bank cannot adjust interest rates solely to steady the property market. 

BOK senior deputy governor Yoon Myun-shik made the remark to reporters on Friday in response to recent calls for a hike in interest rates to curb soaring housing prices. 

Yoon said that the recent spike in the property market is not due to ample liquidity but complex factors including supply and demand imbalance and the government's development plans. 

The deputy governor said that the central bank has been listening to diverse opinions regarding the rates, but the rate decision has been and will be made in an independent and neutral fashion by the bank's Monetary Policy Board. 

The remarks came after Prime Minister Lee Nak-yon said during a parliamentary interpellation session on Thursday that it's time to seriously consider raising interest rates.