South Korea's central bank on Tuesday held interest rates steady for a second consecutive meeting, as expected, faced with conflicting risks from still high inflation, a slowing economy and heightened financial uncertainty.

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The Bank of Korea said its seven-member monetary policy board voted to keep the base rate unchanged at 3.50 percent, as it did on February 23. Governor Rhee Chang-yong is due to hold a news conference from 0210 GMT.

The decision was in line with predictions from 39 out of 40 economists surveyed by Reuters, while one respondent had forecast a 25-basis-point hike.

It is the first time the Bank of Korea has kept the policy rate steady at successive meetings since it embarked on a tightening campaign in August 2021.