Korea’s central bank has kept the key interest rate steady at three-point-five percent for the tenth consecutive time since February 2023. 

The decision was made during the year's third rate-setting session by the Monetary Policy Board of the Bank of Korea(BOK) on Friday, maintaining the largest-ever gap of two percentage points with the U.S. Federal Reserve's rate.

The rate freeze comes amid continued inflationary pressure with the inflation rate staying above three percent for the second consecutive month in March. 

Global oil prices jumped to around 90 U.S. dollars per barrel recently amid growing military tensions in the Middle East. 

Other likely factors informing the BOK's decision are the nation’s massive household debt, woes over project financing developments, a delay in the U.S. Federal Reserve’s rate cuts and increased volatility in exchange rates.