Taiwan central bank reiterates consumer price stability as main policy |
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Published
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Sat, 29 Sep 2007 06:04
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TAIPEI (XFN-ASIA) - The central bank reiterated that maintaining consumer price stability is its main policy and that it will adopt measures at the appropriate times to achieve this.In a report to be presented to legislators Monday, central bank governor Perng Fai-nan said that the central bank has conducted fine tuning in its interest rate hikes in order to lead market interest rates to move gradually closer to a 'neutral' level.This is aimed at containing inflation while creating an environment favorable to economic growth, according to the report.The central bank's latest move was made last week at its quarterly board meeting on Sept 20 when it announced a rise of 12.50 basis points in its key interest rates, marking the 13th round of rate hikes since late 2004.It has raised key interest rates by a cumulative 187.50 basis points in the 13 rounds of hike since October 2004.At a news conference after last week's board meeting, Perng told reporters that Taiwan's real interest rates still stand below 'neutral' levels despite the latest hike.Separately, Perng in the report also said that the local currency's movements should be governed by market forces.However, he added that the central bank will take steps to maintain order in the forex market in the event of overshooting caused by any irregular factors such as hot money flows.adela.lin@afxasia.comal/kmqxfnal/xfnkmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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