The central bank has decided to freeze its key interest rate at 3 percent, flaunting market consensus on another rate cut like the one made in July.

After its monthly monetary policy meeting, Bank of Korea Governor Kim Choong-soo said the BOK would not change the rate but would keep a close eye on external uncertainties, citing the slow economic recovery worldwide.

Kim said the country should know whether it will be able to meet the government's targeted economic growth rate of 3 percent for 2012 by next month.