Wary of inflation, Taiwan’s central bank raises key rate in surprise move

Taiwan’s central bank hiked the benchmark discount rate to 2% from 1.875%, where it has stood since last March

Taiwan’s central bank surprised markets by raising its policy rate on Thursday, wary of continued inflationary pressures and ahead of an expected rise in electricity prices next month, a tightening at odds with the broader global trend.

Taiwan’s central bank hiked the benchmark discount rate to 2 per cent from 1.875 per cent, where it has stood since last March, citing concern about the effect of April’s power price hike and as inflation persists. Central bank governor Yang Chin-long said the decision was not unanimous, with one board member voting to stand pat.

Yang added while the central bank would not give guidance like the U.S. Federal Reserve, there will probably not be further hikes for Taiwan.

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