Taiwan will not change monetary policy in 2023-Central Bank
2022.12.10 01:01
Taiwan will not change monetary policy in 2023-Central Bank
Budrigannews.com – On Saturday, Taiwan’s central bank said that next year, it will use various tools to help the economy and promote price stability in an “appropriate” way.
Even though inflation, a major concern for the central bank, has been slowing, Taiwan’s trade-dependent economy is faltering in the face of growing global economic woes. Last month, exports fell 13.1% year-over-year.
The lowest reading in nine months for the consumer price index was 2.35 percent higher in November than a year earlier.
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The central bank stated in a report to parliament prior to governor Yang Chin-long taking questions from lawmakers on Monday that it will closely monitor both domestic and international economic and financial conditions in laying out its plans for the coming year.
It stated, without providing additional details, that it would “promote price stability and assist in economic success” by “adopting an appropriate monetary policy and properly using various monetary policy tools.”
On Thursday, the quarterly rate-setting meeting of the central bank will take place.
The bank increased the benchmark discount rate by 12.5 basis points to 1.625% at the most recent meeting in September.
The central bank will also present an updated forecast for economic growth this year and next week at its meeting.
From 3.76% in August, Taiwan’s statistics agency decreased its 2022 gross domestic product forecast to 3.06% last month. Additionally, it stated that exports would contract in 2023 and lowered the year-end outlook.
