Bank of Korea (BOK), South Korea's central bank, froze its benchmark interest rate at 2.75 percent on Friday, maintaining a wait-and-see stance after cutting the rate by 25 basis points (bps) in July and October in 2011 respectively.

The BOK's decision was in line with market consensus as most experts predicted the rate freeze, citing positive economic data related to production and domestic demand, headline inflation staying at a low level and fiscal stimulus.