South Korea's central bank left its key interest steady at one-point-five percent amid uncertainties rising from the prolonged U.S.-China trade war and the country's own trade dispute with Japan.

The Bank of Korea's(BOK) monetary policy board voted to freeze the rate on Friday after the bank cut the rate by a quarter percentage point last month.

BOK Governer Lee Ju-yeol said it's difficult to gauge how changes in external conditions could affect South Korea's economic growth, adding a further rate cut will be decided depending on how external factors affect the local economy in the future.

Lee also signaled that the BOK could cut the rate later this year, saying the bank has "room for maneuver" in its monetary policy to cope with economic conditions.

Lee dismissed concerns about the risk of deflation, saying the slowdown in inflation is a temporary phenomenon linked to supply and will rebound by the end of the year.