The Bank of Korea(BOK) kept its key interest rate at a record low of point-five percent amid growing concerns about a spike in COVID-19 infections.

The BOK's monetary policy board announced the decision in a statement on Thursday. The widely expected rate freeze follows two major reductions earlier this year. 

The BOK slashed its benchmark interest rate by half a percentage point to point-75 percent in March before cutting it by a quarter of a percentage point in May. 

The relatively stable financial market, heated real estate market and the third wave of the virus are thought to have contributed to the freeze.