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MNI BRIEF: Taiwan Hikes Base Rate 12.5bp To Highest Since 2015

MNI (Beijing)

Taiwan’s policy interest rate was raised 12.5bp to 1.75% on Thursday, the highest level since September 2015, according to the Central Bank of the Republic of China (Taiwan).

The rate hike will help to curb domestic inflation expectations and promote price stability as Taiwan's unemployment rate has fallen and private consumption has rebounded, boosted by the lifting of covid restrictions. However, policymakers forecast declining exports due to weak external demand, the Bank said in a statement posted online.

Inflation has eased in recent months and the Bank sees CPI and core CPI growing at 2.93% and 2.59% this year, before falling to 1.88% and 1.87% next year respectively. (See Taiwan's CPI Eases For Third Month In November - Bonds & Currency News | Market News)

The bank's board is expecting a significant slowing in Q4 economic growth and has revised down its forecast for 2022 growth to 2.91% from 3.51%.

The new rate will be effective from December 16 and is the third consecutive increase this year, according to data on the central bank's website

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MNI Beijing Bureau | lewis.porylo@marketnews.com
APACPolicy NewsBriefStoryRegion
MNI Beijing Bureau | lewis.porylo@marketnews.com
APACPolicy NewsBriefStoryRegion

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