Bank of Korea(BOK) Governor Rhee Chang-yong says the bank could consider lowering the nation’s key interest rate if the inflation rate slips to between two-point-three and two-point-four percent. 

Rhee made the remark on Thursday during a news conference held after the bank’s Monetary Policy Board decided to keep the key interest rate steady at three-point-five percent.

Rhee said the bank decided to keep its inflation outlook for this year at two-point-six percent while marking down its monthly inflation projection for the second half of the year from two-point-four percent to two-point-three percent. 

Rhee said the bank’s monetary policy board has yet to discuss the scale of the interest rate cut.

He said the size of the reduction will only be considered after the timing of the rate reduction is decided, adding that discussions have yet to be held on when to pursue a rate cut as many uncertainties remain.