Bank of Korea(BOK) Governor Rhee Chang-yong said Thursday's benchmark interest rate freeze that came after a near 18-month hike trend should not be taken as an end to the hike policy.

Speaking to reporters following the BOK's rate-setting board meeting, Rhee said although inflation is projected to eventually slow down, it will likely maintain its upward trend to surpass the year's target level.

The BOK chief said that while the panel decided to freeze the interest rate amid policy uncertainties, it will closely monitor the pace of slowing inflation, the extent of the U.S. Federal Reserve’s rate hikes, economic recovery in China and the housing market.

He said contrary to the recent series of consecutive hikes, it had been customary for the board to take time to consider the impact following a hike, adding that the latest decision was a return to its past practice.