The central bank said yesterday it persuaded local lenders to cut the interest rate they charge on money borrowed by investors to fund stock purchases in a bid to boost trading.
The central bank convinced 10 local banks, including United World Chinese Commercial Bank (世華銀行) and Chang Hwa Com-mercial Bank (彰化銀行), to cut interest rates on margin trading accounts to as low as 6 percent from 7.50 percent to 8.43 percent.
Margin trading accounts allow investors to borrow part of the money needed to make stock purchases.
The measure will make it cheaper for investors to borrow money to fund their stock purchases and increase trading activity in the nation's stock market, the central bank's governor, Perng Fai-nan (彭淮南), said in a statement.
"The central bank managed to convince these banks with moral persuasions," Perng said.
The TAIEX has fallen 12 percent this year.
Shares worth NT$46.8 billion (US$1.4 billion) were traded on the Taiwan Stock Exchange yesterday, almost half the six-month average.
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