In a Reuters poll, 14 out of 16 economists had expected the bank to keep the rate unchanged as the 3.0 percent level was seen to be a balance that supports growth while taking into account inflation risks.

The central bank has kept its monetary policy unchanged since last May, when it hiked the benchmark rate for the fourth time after starting a tightening cycle in 2010. Many of its emerging market counterparts have been easing policy as their focus turns from fighting inflation to shoring up economic growth in the face of weak global demand.