Taiwan’s central bank cuts interest rates by 1.25%
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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