Following the unexpected interest rate cuts by the state-run Bank of Taiwan (
The Directorate General of Posts (郵政總局) said it will lower rates on deposits by 0.05 to 0.20 of a percentage point, effective today.
Banks that are expected to announce rate cuts include the Land Bank of Taiwan (
The Bank of Taiwan reduced its rates for deposits by 0.05 to 0.25 of a percentage point and its prime lending rate by 0.02 of a percentage point to 7.04 percent per annum, effective last Friday. It is the second time the bank has lowered rates after the Central Bank of China (央行) announced a 0.125 of a percentage point reduction on its rediscount rate on March 30.
While the Bank of Taiwan's rate cut came as a great surprise to other local banks, top executives with the bank said that the latest reduction was designed to reflect their bank's loose credit position and adjust the structure of deposits at the bank, the report said.
Most dealers expect banks to show a high willingness to lend money in the coming week as analysts believe they should have no trouble replenishing reserve positions later in the month when funds lent out earlier return to the banking system and interest on government bonds is paid.
Several other local banks lowered rates on deposits last week, including the United World Chinese Commercial Bank (
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