South Korea’s central bank is expected to keep the base rate on hold in September as it measures the policy effect of last month’s rate cut and watches out for risks of ballooning household debt, a poll showed Thursday.

All 16 analysts surveyed by Yonhap Infomax, the financial news arm of Yonhap News Agency, forecast the Bank of Korea to stand pat on the current policy rate of 2.25 percent at a board meeting on Friday.

The latest result comes after the BOK cut the base rate in August for the first time in 15 months amid mounting government pressure.

In a largely expected move, six of the seven members of the BOK’s policy board voted for a rate cut.

Moon Woo-sik was the only board member who voted for a rate freeze, saying that the country’s economy is on a modest recovery track and shifting away from the impact of the deadly ferry Sewol disaster.

Analysts said the central bank is forecast to take time to gauge the impact of its latest policy decision before making additional moves.

“There is no track record of two consecutive rate cuts except in the face of the global financial crisis. Given that the August rate cut was part of policy coordination, the BOK is likely to check the effect of the rate cut ahead of deciding on an additional rate cut,” said Shin Dong-soo of NH Nonghyup Securities.

Last month’s policy decision was in line with Finance Minister Choi Kyung-hwan’s pro-growth initiative. Choi, who doubles as deputy prime minister for economic affairs, in July unveiled a stimulus package aimed at revitalizing tepid consumption and property transaction. (Yonhap)