South Korea's central bank has reaffirmed that it will continue its accommodative monetary policy next year to help the local economy recover from the impact of the COVID-19 pandemic.

In a statement Friday, the Bank of Korea (BOK) said that it will prioritize growth and ensure that consumer prices are stable.

The central bank said it will also use its loan programs to support struggling small- and medium-sized businesses and will seek to sign currency swap deals with other countries.

The BOK said the global economy is expected to start to recover next year as vaccines become available and stimulus measures come into force in major economies.