The head of South Korea's central bank said it is too early to talk about cutting the key interest rate despite signs of easing inflationary pressure.

Speaking to CNBC on Wednesday, Bank of Korea(BOK) Governor Rhee Chang-yong said any consideration for a pivot is premature with core inflation in the nation well above the two-percent target.

On Tuesday, Statistics Korea announced inflation of three-point-seven percent in April, the lowest in 14 months.

Rhee said the central bank paused the rate hike policy in the previous two meetings after rapidly raising interest by 300 basis points to three-point-five percent in one and a half years, declaring now is the time to assess its cumulative impact.

Externally, Rhee noted the apparent peak in global inflation levels as well as the likely inability of advanced economies to continue with rate hikes given "financial stability issues" in the U.S. and Europe.

Meanwhile, Rhee said the BOK is not very concerned on the daily fluctuation in the exchange rate, but must certainly be careful about severe volatility.