Seoul: South Korea's central bank kept its benchmark interest rate unchanged Thursday to safeguard financial stability amid a weakened local currency and an unstable housing market.

According to Qatar News Agency, the Monetary Policy Board of the Bank of Korea (BOK) kept the key rate steady at 2.5 percent at its rate-setting meeting in Seoul. This marks the fourth consecutive decision to hold the rate. Since October last year, the BOK has reduced the key rate by a total of 100 basis points from 3.5 percent, a move aimed at supporting economic growth.

Thursday's meeting was the central bank's final policy session of the year. The decision reflects the bank's ongoing efforts to stabilize the economy amidst various financial challenges.