Bank of Korea(BOK) Governor Rhee Chang-yong said a situation has been established for authorities to "change lanes and prepare to change the direction at an appropriate time" regarding future enforcement of monetary policy.

Following the BOK rate-setting committee's unanimous decision on Thursday to freeze the key interest rate at three-point-five percent, Rhee said the situation last time in May was about mulling over changing lanes to prepare for a rate cut.

The governor said two out of six committee members, excluding himself, had called to be open to a possibility of a rate cut within the next three months, citing slowed inflation.

The other four, who had called for a rate freeze, saw the need to further verify the impact of anticipation for the rate cut on financial stability through the foreign exchange market, housing prices and household debt.

Rhee positively assessed inflation slowing to two-point-four percent in June, but took caution in anticipating a rate cut, saying the timing would be determined through a comprehensive decision.