At its first rate-setting meeting of the year, the Bank of Korea(BOK) has kept its key interest rate at a record low of point-five percent.

The central bank's monetary policy board announced the decision on Friday, adding the move to keep the key rate frozen for the fifth consecutive time was unanimous.
  
The move was widely anticipated as household debt has snowballed, raising concerns over a possible bubble in the asset market.

The decision follows two major reductions last year amid projections that the economy would suffer serious blows due to the COVID-19 pandemic. 

The BOK had slashed its benchmark interest rate by half a percentage point to point-75 percent in March before cutting it by another quarter of a percentage point in May.

The previous rate decision was in November when the central bank stayed pat as the third wave of the pandemic was gaining pace.