Interest Rate in Taiwan
Taiwan - Interest Rate
Central Bank keeps rates unchanged in December
At its monetary policy meeting on 19 December, the Board of Directors of Taiwan’s Central Bank unanimously decided to leave the discount rate unchanged at 1.375%, as expected by market analysts. The discount rate has remained at this level since June 2016.
In its communiqué, the Board highlighted currently muted inflation levels, and commented that price pressures look set to remain mild due to relatively low international oil prices. The Bank thus reduced its inflation forecast to 0.8% for 2020. As such, a rate hike was not warranted. However, the Bank also commented positively on solid domestic demand and a recent pick-up in exports amid trade diversion owing to the U.S.-China dispute, raising its growth projection for 2020 to 2.6% as a result. As such, monetary loosening was not called for either.
In its communiqué, the Bank stated that “a continued accommodative monetary policy stance will help ensure price stability and foster sound development of the economy and the financial sector”. Looking forward, the majority of our panelists envisage rates remaining unchanged through to the end of 2021.
The next monetary policy meeting is set for 19 March.
Overall, FocusEconomics Consensus Forecast panelists see the discount rate at 1.37% at the end of 2020 and 1.38% at the end of 2021.
Taiwan - Interest Rate Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Policy Interest Rate (%) | 1.88 | 1.88 | 1.63 | 1.38 | 1.38 |
Taiwan Interest Rate Chart
Source: Central Bank of China.
Taiwan Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.69 | 1.28 % | Dec 31 |
| Exchange Rate | 29.91 | 0.07 % | Jan 01 |
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Economic News
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Taiwan: Industrial production soars in December
January 22, 2020
Industrial output increased 6.0% in December compared to the same month a year earlier, quickening from the 1.8% increase recorded in November. The acceleration in December was chiefly driven by strong output growth in the manufacturing sector, which represents more than 90% of total industrial production, while a return to expansion in electricity and gas supply supported the overall figure.
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Taiwan: Economic activity accelerates in Q4
January 21, 2020
The economy grew 3.4% in the final quarter of 2019 compared to the same period a year earlier, according to an advance GDP estimate, up from the third quarter’s 3.0% increase.
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Taiwan: Inflation accelerates in December
January 7, 2020
Consumer prices increased 0.04% in December compared with the previous month, contrasting the 0.41% decrease in November.
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Taiwan: Exports and imports both climb in December, while trade surplus declines
January 7, 2020
Merchandise exports increased 4.0% in December in annual terms, following November’s 3.3% expansion.
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Taiwan: Manufacturing PMI ends the year on a positive note
January 2, 2020
The manufacturing Purchasing Managers’ Index (PMI), reported by IHS Markit, rose to 50.8 in December from 49.8 in November, thus moving above the 50-threshold and signaling the first improvement in operating conditions in over a year. The improvement came amid an uptick in the amount of new work received by manufacturers, ending a 15-month run of contraction.
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