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Financial News: Taiwan Central Bank Holds Rate Unexpectedly

Taiwan Central Bank Holds Rate Unexpectedly

06/18/2020 - 10:05:00 (RTTNews)

(RTTNews) - Taiwan's central bank unexpectedly kept its interest rate unchanged on Thursday and downgraded the growth projections as coronavirus pandemic weighed on exports.

Policymakers decided to hold the benchmark rate at a record low 1.125 percent. The bank was expected to cut the rate to 1.00 percent.

The bank forecast the economy to grow 1.5 percent this year, which was revised down from the previous forecast of 1.9 percent.

Given that unemployment has been hit by Covid-19, and that cases worldwide do not seem to be subsiding quickly, Taiwan's central bank could still cut interest rates to 1 percent at the next policy meeting on September 17, ING economist Iris Pang said.

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