The Bank of Korea(BOK) kept its key interest rate at point-five percent.

The BOK's monetary policy board announced the decision in a statement on Wednesday.  

The widely expected move 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. Such cuts came amid projections that the economy would suffer serious blows due to the COVID-19 pandemic.  

The central bank apparently reached the latest decision after concluding that there is no immediate need to further slash the key rate when taking into account the relatively stable financial market and heated real estate market.  

The bank also is likely to have had no other option but to freeze the key rate for the third time after July and August, given that raising it could weigh heavily on the economy which continues to suffer due to the resurgence of COVID-19 cases.