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Taiwan’s central bank cuts interest rates by 1.25%

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/03/2016 (11:44)
According to media reports, Taiwan’s central bank cut its key interest rates for a third consecutive month. The bank lowered its benchmark interest rate by 12.5 basis points to 1.5 % on March 24, in line with Bloomberg economists’ expectations.

The bank reported that ongoing weakness in global demand continues to weigh down the country’s trading activities, adding that the labor market is also showing unfavorable signs that will result in further declines in consumption. The unemployment rate rose to 3.94% in February from a record low of 3.73% in a year earlier.

An economist commented that the central bank aims to weaken the Taiwanese dollar or at least limit its appreciation to protect Taiwanese exporters against their Asian rivals.
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