South Korea's central bank kept its key policy rate unchanged at a record low of point-five percent, as recovery slowed due to the latest, prolonged wave of the COVID-19 epidemic.

At its second rate-setting meeting of the year on Thursday, the Bank of Korea’s(BOK) monetary policy board voted to leave the base rate steady as widely anticipated.

The policy board likely maintained its benchmark rate in consideration of lower than expected inflationary pressure and soaring housing prices. Despite signs of a recovery in exports, weak consumption amid social distancing has also weighed on employment.

After slashing the rate by point-five percent from one-point-25 percent amid the epidemic's first wave in March of last year, the BOK further cut it by point-25 percent two months later in a bid to bolster the economy.