The Bank of Korea(BOK) has kept the key interest rate at point-five percent amid a resurgence of COVID-19 cases across the nation.

The BOK's monetary policy board announced the decision in a statement on Thursday. 

The widely expected rate decision follows two major reductions earlier this year. The BOK slashed its benchmark interest rate by half a percentage point to point-75 percent in March before cutting it by a quarter of a percentage point in May.

The relatively stable financial market, the heated real estate market and the worsening COVID-19 situation are thought to have contributed to the freeze. 

Earlier this week, BOK Governor Lee Ju-yeol told lawmakers that the central bank plans to use an expansionary monetary policy to support the recovery of the economy.