Bank of Korea(BOK) Governor Rhee Chang-yong pledged to carefully consider financial conditions when deciding whether to cut the key interest rate again in November.

At a parliamentary audit Monday, the central bank chief said the recovery in domestic demand is slow although inflation remains stable and the rise in household debt has begun to slow down.

Rhee called for continued caution, saying the rate cut and favorable financial conditions at home and abroad could lead to another rise in household debt.

Asked whether the recent rate cut could be expected to boost private spending, the BOK chief said a single interest rate cut will not have a significant effect on domestic demand.

Regarding the possibility of additional cuts, Rhee said conditions favor looser monetary policy, but he stressed the need to monitor household debt and housing prices.