The Republic of Korea's central bank kept its benchmark interest rate unchanged Thursday to maintain financial stability amid a red-hot housing market and a weakening currency.

In a widely expected decision, the Monetary Policy Board of the Bank of Korea (BOK) held its key rate steady at 2.5 percent during its rate-setting meeting in Seoul.

The decision marked the third consecutive on-hold decision, though the BOK has stressed the need to support the economic recovery through monetary easing.

According to Yonhap News Agency, the central bank began its monetary easing cycle in October last year, cutting the key interest rate by a total of 100 basis points since then, with the most recent reduction implemented in May.

At its September meeting, the Federal Reserve cut its benchmark rate by a quarter percentage point to a range of 4-4.25 percent and signalled two more cuts this year.