The Bank of Korea(BOK) said on Thursday that it is premature to determine the effects of a new coronavirus on the South Korean economy due to uncertainties.

Yoon Myun-shik, senior deputy governor for the South Korean central bank, made the remarks to reporters after holding a meeting to discuss the U.S. Federal Reserve's latest decision to maintain its key interest rate.

Yoon said it remains to be seen how the outbreak will develop and affect the Korean market and consumer sentiment.

The deputy governor was cautious about slashing the key rate. He said while the BOK cut rates during the outbreaks of Severe Acute Respiratory Syndrome(SARS) and Middle East Respiratory Syndrome(MERS), it made the decision after considering various factors, such as prices and financial market conditions. 

The U.S. Fed on Wednesday decided to maintain its key rate in the range of one-point-five to one-point-75 percent.