The Bank of Korea(BOK) froze its key policy rate at point-five percent on Thursday, the eighth time it has left it steady since July last year. 

The BOK is assessed to have voted in favor of the rate freeze, despite concerns over inflation amid an over-year-long expansionary policy, as domestic consumption remains stagnant.

Last month, BOK Governor Lee Ju-yeol told reporters that it is still too early to consider a policy change with continued uncertainties surrounding the pandemic and vaccinations.

Analysts speculate that the BOK will increase the rate once the U.S. Federal Reserve raises its key rate from the current zero to point-25 percent in the latter half of 2022 or in 2023.

In May last year, the central bank’s monetary policy board cut the interest by point-25 percent to point-five percent, following the previous cut in March from one-point-25 percent to point-75 percent amid a speculated downturn from the prolonged COVID-19 pandemic.