Two members of the central bank's monetary policy committee opposed a majority decision earlier this month to lower the policy rate to a record low of 1.75 percent, Bank of Korea minutes showed Tuesday.

Moon Woosik and Chung Hae-bang, members of the seven-member policy board led by BOK Gov. Lee Ju-yeol, voted to keep the key rate unchanged at 2 percent, according to the minutes from the March 12 meeting.

The BOK unexpectedly slashed the base rate by a quarter percentage point, joining in a global wave of easing aimed at spurring economic growth. The move marked its third rate cut in the past year, following one rate cut in August and another in October.

Details of the monthly rate-setting meeting are disclosed via the minutes released roughly three weeks after the meeting. The identities of the members who commented and their voting directions are kept anonymous unless they dissented from the majority decision.

The policy committee is set to hold its next rate-setting meeting on April 9. (Yonhap)