The Bank of Korea(BOK) has decided to freeze the key interest rate at three-point-five percent.

The central bank's monetary policy board convened the year’s fifth regular rate-setting meeting on Thursday and decided to hold the rate steady for the fourth consecutive time, having last raised the rate in January of this year for the seventh straight time since last April.

The decision was likely made in consideration of inflationary pressure falling to the two-percent range last month and the slower-than-expected recovery in exports.

With the latest rate freeze, the gap with the U.S. Federal Reserve's rate remains at a record high of one-point-75 percentage points, but that could further widen to two percentage points or more should the Fed hike its rate this month.