South Korea's central bank has forecast continuing uncertainties surrounding the U.S. monetary policy following the Federal Reserve's decision to raise its key interest by a quarter percentage point to the 22-year high of five-point-25 to five-point-five percent.

The projection came on Thursday during a meeting led by Bank of Korea(BOK) Senior Deputy Governor Lee Seung-heon to check up on the impact of the Fed's decision on international and local financial markets.

Referring to Fed Chair Jerome Powell leaving the door open to a further rate hike for the sake of price stability, Lee said the Fed has suggested that austerity will remain in place for a considerable time.

The BOK chief deputy said uncertainties about the monetary policy will likely persist, given that the Fed's rate decision has been confirmed to be data-reliant.

The central bank plans to closely monitor a possible expansion of volatility in both domestic and overseas markets in line with inflation in major economies, the economic situation and policy changes.