Taiwan cuts interest rates to counter Wuhan coronavirus impact

Taiwan's GDP growth will fall below 2% in 2020: Central Bank

Taiwan News
Date: 2020/03/19
By: Matthew Strong, Taiwan News, Staff Writer

Central Bank Governor Yang Chin-long (center)  (CNA photo)

TAIPEI (Taiwan News) — Taiwan’s Central Bank on Thursday (March 19) cut the interest rate to 1.125 percent, a lower rate than in the wake of the 2008 Euro crisis, in order to offset the impact of the Wuhan coronavirus (COVID-19) pandemic.

The 0.25-percent cut for the discount rate ended a string of 14 quarterly meetings which decided to leave interest rates unchanged, media reported. The Central Bank met as President Tsai Ing-wen (蔡英文) called for calm on the stock market and the National Stabilization Fund was reported to prepare intervention.

At the same time, the Central Bank also revised its forecast for the country’s Gross Domestic Product growth for 2020 to 1.92 percent, ending hopes that it might stay above 2 percent, CNA reported.    [FULL  STORY]

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