Bank of Korea(BOK) chief Rhee Chang-yong said that the bank will likely maintain its current stance on rate hikes for the time being, noting that one or two more rate increases are likely before the end of this year.

In a press briefing following the central bank’s rate-setting meeting on Wednesday, Rhee explained that as long as inflation follows expectations, incremental rate hikes of 25 basis points is the optimal strategy.

Responding to questions about market forecasts, he said it is reasonable to predict that the central bank will raise the rate to two-point-75 to three percent by the end of the year, but added that it would depend on several factors such as the global trend of interest rates and oil prices.

Rhee also said that inflation will likely peak either late in the third quarter or early in the fourth, though it is impossible to say definitively amid growing uncertainty at home and abroad.

Earlier in the day, the monetary policy board of the BOK voted to make an unprecedented "big-step" rate hike of 50 basis points, raising the rate from 1-point-75 percent to 2-point-25 percent.