Outgoing Bank of Korea(BOK) Governor Lee Ju-yeol, whose term will conclude at the end of the month, has called for more rate hikes in consideration of inflation and financial imbalance.

During a farewell press conference held online on Wednesday, Lee forecast inflationary pressure to last for a considerable amount of time, adding that there remains a need to reduce risks stemming from financial imbalance.

He projected challenges arising from the U.S. Federal Reserve's planned steep rate hikes, and called for further hikes by the BOK to prevent a greater burden on the state.

The governor, looking back on his eight years at the helm of the central bank, characterized the time as a "period of rapid change." Lee reflected on the difficulties of rate adjustments amid the frequency of unexpected events.

In response to expectations the BOK will play a more active role in responding to rising household debt and soaring housing prices, Lee said there is a need for social consensus on the scope of its role.