Taiwan Central Bank Holds Key Rate At Record Low

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Thursday, Taiwan's central bank retained its interest rate at a record low level of 1.25%.

The secured loans rate stands at 1.625% and the unsecured loans rate at 3.5%, the Central Bank of the Republic of China (Taiwan) said.

The bank has left its key rate unchanged at 1.25% since February 2009. Taiwan had slashed the rate by 2.375 percentage points since September 2008.

According to Directorate General of Budget, Accounting and Statistics, the economy will grow 3.92% in 2010 after contracting 4.04% this year.

In the latest update to Asian Development Outlook 2009, the bank said the economies of Hong Kong and Taiwan are likely to shrink more sharply on account of the severe decrease in foreign demand. The economy is forecast to shrink 4.9% this year.

Thursday, Taiwan's central bank retained its interest rate at a record low level of 1.25%. (Market News Provided by RTTNews)