The central bank once again expounded on the need to maintain a vice grip on monetary policy, as it seeks to bring the nation’s high inflation under control.

In a report submitted to the National Assembly on Thursday, the Bank of Korea(BOK) explained that it is necessary to continue raising the key rate in a bid to anchor inflation expectations at manageable levels.

The central bank pledged to keep tabs on the nation’s economic growth and that it will work toward a more stable financial market.

The BOK has raised key interest rates by two percentage points in the past year, and expects their impact will start to show in the second half of the year.

The report also saw consumer prices rising further in the wake of the feeble Korean won against the mighty U.S. dollar, which has prompted a surge in the value of imported goods.