State-owned Bank of Taiwan (台灣銀行) and state-controlled Taiwan Cooperative Bank (合庫銀行) both announced they plan to raise interest rates as of today, following in the footsteps of the central bank, which increased interest rates last week.
The range of fixed deposit rates will increase by between 0.07 and 0.1 percentage points, while fixed savings rates will be lifted by between 0.10 percentage points and 0.11 percentage points, the banks said in separate statements issued over the weekend.
For both banks, the rate for one-year fixed deposits will rise to 1.99 percent from 1.89 percent. But the rate for one-year fixed savings will be raised to 2.02 percent by the Bank of Taiwan and to 2.015 percent by the Taiwan Cooperative, according to the statements.
As for prime lending rates, the Bank of Taiwan said it would maintain its rate at 3.37 percent for the time being, while Taiwan Cooperative said it would increase its rate slightly by 0.094 percentage points to 4.398 percent.
The nation's central bank announced last Thursday that it would raise its benchmark interest rate in a bid to hold down inflation. The bank lifted its rediscount rate for commercial lenders by 0.125 percentage point to 2.25 percent with effect from Friday.
Following the central bank's latest rate hike, the sixth straight quarter since October last year, certificate of deposit (CD) rates went up by between 0.06 and 0.08 percentage points on Friday.
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