The state-run Bank of Taiwan (臺灣銀行) and Taiwan Cooperative Bank (合作金庫銀行) will lower interest rates today, following in the footsteps of the central bank, which cut rates on Friday.
The central bank cut its discount rate by 12.5 basis points to 3.5 percent, which means local banks can receive cheaper 10-day loans. In tandem with the cut, the central bank also lowered the money market rates for various negotiable certificates of deposit (NCD) by 5 basis points in open market operations.
The Bank of Taiwan will cut rates on select time deposits and time savings by between 0.05 percentage points and 0.11 percentage points in response to the central bank’s move and to reflect the funding conditions on the market and market competition, the bank said on its Web site.
Under the new adjustment, the rates for one-year time deposits and time savings deposits will drop to 2.685 and 2.71 percent respectively.
Taiwan Cooperative’s cuts will range from 0.05 percentage points to 0.15 percentage points for select time deposits and time savings deposits.
The rate for one-year time deposits will be 2.73 percent and one-year time savings deposits will be 2.775 percent.
Other major commercial lenders, including Land Bank of Taiwan (土地銀行), Chang Hwa Commercial Bank (彰化銀行) and First Commercial Bank (第一銀行), are expected to follow suit this week.
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