South Korea's central bank has reaffirmed that it will decide on additional rate cuts after a comprehensive consideration of major risk factors and trends in the local economy. 

The Bank of Korea(BOK) revealed the position in its "Monetary Policy for 2020" report released on Friday, saying that it will maintain its accommodative policy stance next year. 

The central bank said that it will manage the benchmark interest rate in a way that supports economic recovery and ensures that increases in the country's consumer prices are stabilized at the target level of two percent. 

The BOK slashed the policy rate twice this year: from one-point-75 percent to one-point-five percent in July and to one-point-25 percent in October.

The bank said that it will decide on additional cuts after considering major risk factors such as the U.S.-China trade dispute and the global economy, as well as trends in the domestic macroeconomy and the condition of the financial market.