The Bank of Taiwan (臺灣銀行), the nation’s biggest state-run bank, will cut interest rates on Monday after the central bank cut its benchmark interest rates on Thursday. Other major state-run commercial lenders are expected to follow suit next week.
The bank will lower the interest rate on various time deposits and time savings deposits by between 0.1 percentage points and 0.39 percentage points in response to the central bank’s move, it said in a statement on its Web site.
The rate cuts also reflect the funding conditions on the market and market competition, it added.
Following in the footsteps of other central banks’ interest rate cuts earlier this week to stem the global financial crisis, the nation’s central bank announced on Thursday it would lower its discount rate by 25 basis points to 3.25 percent, effective immediately. This was the second cut in two weeks as the central bank aimed to offer local banks with cheaper 10-day loans.
At the same time, on its open market operations, the central bank also lowered the rates for the 30-day, 91-day and 182-day negotiable certificates of deposit (NCD) by 10 basis points to 1.97 percent, 2.06 percent and 2.16 percent, respectively, which allowed room for commercial lenders to cut their rates for customers.
Under the new adjustment, the Bank of Taiwan rates for one-year time deposits and time savings deposits would drop to 2.55 percent and 2.575 percent, respectively, the statement showed.
On Sept. 26, the central bank began lowering its discount rate by 0.125 percentage points after 16 consecutive quarterly rises to boost the domestic economy amid easing inflation.
The central bank will likely face further pressure to cut interest rates, a Standard Chartered Bank (Taiwan) economist projected yesterday.
“We see more interest rate cuts in the pipeline, possibly of 25 basis points each — instead of the previous projected 12.5 basis points — given still-fluid market conditions,” Tony Phoo (符銘財), the chief economist of Standard Chartered Bank (Taiwan) Ltd, wrote in a report released yesterday.
This would bring the central bank’s benchmark discount rate to 3 percent by the end of this year and down further to 2.25 percent by the end of next year, Phoo said.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
Artificial intelligence (AI) agents would supplant smartphones as the center of people’s digital lives, fundamentally reshaping personal devices and driving a major computing upgrade cycle, Qualcomm Inc CEO Cristiano Amon said yesterday. In his keynote speech for this year’s Computex trade show in Taipei, Amon said that the rise of "agentic AI" — AI systems capable of reasoning, planning and carrying out tasks autonomously — would transform how people interact with technology across phones, PCs, vehicles and wearable devices. Describing the technology as the next major evolution in computing, Amon said that "2026 is the year of agents.” For decades, smartphones have sat
RSS