The Bank of Korea(BOK) says it will further lower the nation’s benchmark interest rate next year, considering economic risks. 

The central bank disclosed its plan in a report released on Wednesday, adding it will continue to maintain the stability of the inflation rate and ease the economy’s downward pressure while keeping a close eye on financial risks. 

The bank particularly stressed that it will take into account bigger downside risks to the economy resulting from expanded political uncertainty, increased global competition in key industries and changes in the trade environment. 

The BOK also vowed to implement timely measures to stabilize the financial market and system, including strengthening early warning functions, given the uncertainty of the political landscape, such as the direction of the incoming U.S. government’s economic policy and geopolitical risks. 

The bank said it will decide whether to extend market stabilization measures, including the purchase of non-regular repurchase agreement, while monitoring market trends. 

Regarding the foreign exchange market, the BOK said it will sufficiently supply foreign currency liquidity and ease stringent foreign currency regulations together with the government if deemed necessary.