South Korea's central bank said Thursday it will cut the number of rate-decision meetings starting next year to be able to make more insightful decisions in macroeconomic policies.

Currently, the Bank of Korea holds a monetary policy meeting every month to set the key rate and announces its annual economic forecast every three months.

In a major policy change, the BOK said it will hold a monetary policy meeting in just eight months of the year, excluding March, June, September and December. Instead, it will hold meetings in those four months to assess the country's financial stability.

The decision came amid market expectations that the US Federal Reserve could raise its interest rate next month. Analysts said the BOK could be under pressure to raise its rates, though BOK Gov. Lee Ju-yeol has said a possible US rate increase does not necessarily mean that the central bank will immediately raise the rate here.

The country's key rate stands at an all-time low of 1.25 percent. (Yonhap)