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Taiwanese Central Bank Presses Pause On Interest-Rate Hikes

TAIWAN

The Central Bank of the Republic of China (Taiwan) unanimously decided to keep the benchmark interest rate unchanged at 1.875%, in line with Bloomberg consensus forecast, citing the need to maintain steady economic growth.

  • The central bank tightened selective credit control measures, i.e. mortgage cap for second homes in some areas.
  • GDP growth outlook for 2023 was lowered to +1.72% Y/Y from +2.21%; CPI inflation outlook for this year was raised to +2.24% Y/Y from +2.09%.
  • The central bank said 2H2023 GDP growth should be +4.07% Y/Y, while inflation should be trending down gradually.
  • Today's decision marks the first time when the CBC left interest rates on hold since 2021, having hiked rates at each of the past five meetings.
  • Spot USD/TWD closed at TWD30.714, virtually unchanged on the day.
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