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Taiwan cuts interest rates by 0.125%

by ChemOrbis Editorial Team -
  • 17/12/2015 (14:35)
According to media reports, Taiwan’s central bank cut its benchmark interest rate by 12.5 basis points to 1.625% on December 17. In September, the bank had lowered its interest rates for the first time since 2009. According to a survey by Bloomberg, economists were almost evenly divided between predictions of further rate cuts and expectations that the bank would maintain rates.

The bank cited weaker exports as the main reason behind the unexpected rate cut. Taiwan’s exports posted their steepest decline since 2009 in November due to slowing demand from China, Taiwan’s largest export market. The country’s domestic demand also weakened as the Taiwanese economy contracted for the first time in six years in the third quarter.
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