After bringing an end to an 18-month rate-hike trend on Thursday, the Bank of Korea's(BOK) rate-setting monetary policy board left the door open to a possible hike in the future.

According to a resolution document from the latest meeting, the board forecast inflation to maintain its upward trend past the target level with persistent uncertainties, despite a decline in growth.

The board members agreed to maintain austerity to support price stability and establish the parameters for an additional rate hike in the future.

The panel forecast the domestic stagnation trend to continue amid the global economic downturn and rising interests, while cautiously suggesting improved growth after the year's latter half in the wake of recoveries in China and the IT sector.

Having revised down this year's growth forecast to one-point-six percent and lowering the inflation projection to three-point-five percent, the panel said that it expects inflation to gradually fall after peaking at around five percent this month.