Tuesday, October 3, 2023
HomeEconomyTaiwan's central bank to adopt 'moderate' monetary policy next year

Taiwan's central bank to adopt 'moderate' monetary policy next year

TAIPEI (Reuters) – Taiwan’s central bank said on Saturday it will adopt an “appropriate” monetary policy next year and use various tools appropriately to promote price stability and help the economy.

Taiwan faces mounting global economic woes as trade-dependent economies are flagging, with its exports falling last month 13. It was down 1% year-on-year, but inflation, a major concern for the central bank, has been slowing.

The consumer price index for November was 2.13% higher than a year earlier, the lowest reading in nine months.

Outlining its plans for next year, central bank Governor Yang Jinlong said in a report to parliament on Monday ahead of questions to lawmakers that the central bank said it would closely monitor the economic and financial situation at home and abroad.

It will “adopt appropriate monetary policy and make appropriate use of various monetary policy tools” to “promote price stability and help the economy succeed,” it said, without elaborating g.

The central bank will hold its quarterly rate-setting meeting on Thursday.

At its last meeting in September, the central bank raised its benchmark discount rate by 06.5 basis points to 1.76%.

At next week’s meeting, the central bank will also provide an updated forecast for economic growth this year and next.

Last month, Taiwan’s statistics agency cut its 2022 GDP forecast to 3.

from 3. in August % % Forecast. It also cut its export outlook for the year and said it would contract at 2023.



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