Bank of Korea(BOK) Governor Lee Ju-yeol says he has no plans to adjust the nation’s key interest rate in the midst of growing economic uncertainties both at home and abroad.

Lee made the remark on Friday to reporters after attending a meeting of the central bank’s monetary policy committee in Seoul.  

The governor said slashing the benchmark interest rate is not an appropriate response to current economic conditions, explaining that monetary policies are managed by a comprehensive study of macroeconomic factors and financial stability.  

Lee assessed that although growth was sluggish in the first quarter, exports and investment declines have flattened out, and that he expects economic growth will pick up on the back of the government’s active financial policies.  

The key rate has stayed at one-point-75 percent since last November, despite growing expectations that it might be slashed due to a first quarter contraction of the Korean economy and the U.S.-China trade row.