South Korea's central bank has kept the key interest rate steady at three-point-five percent for the fifth consecutive time.

The Bank of Korea's(BOK) monetary policy board convened the year's sixth rate-setting session on Thursday, where it maintained the rate it has held since February.

The monetary board is speculated to have decided to further monitor economic uncertainties exacerbated by real estate risks in China as well as a possible extension of austerity in the U.S. with Federal Reserve Chairman Jerome Powell set to give a policy speech on Friday.

With the latest rate freeze, the gap with the Fed's key rate also remains at an all-time high of two percentage points.

While domestic growth posted zero-point-six percent on-year in the second quarter, private consumption, trade, investment and state spending have all slowed.

The BOK has also left its growth outlook for the year at one-point-four percent while revising downward the forecast for next year from two-point-three to two-point-two percent.