The Bank of Korea's(BOK) monetary policy board cited inflation and household debt when raising the key interest rate during last month's meeting.

Minutes of the November 25 monetary policy meeting was posted on the bank's website Tuesday, which showed that some board members were hinting at a further rate hike by insisting that monetary easing should be continuously scaled back.

One official warned of risks from accumulating financial imbalances and continued expansion in household and corporate leverage, saying it will inevitably lead to greater policy adjustments.

Another board member, who was in the minority opinion for a rate freeze, acknowledged that it was time to discuss adjusting the record low rate. But he called for a prudent decision as the pandemic resurgence and global supply chain issues can still raise uncertainties.