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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan c.bnk to adjust rates to suitable levels Reuters - 2 hours 5 minutes ago TAIPEI, Nov 18 - Taiwan's central bank will adjust interest rates to an appropriate level to ensure financial stability, the governor said, after the authority cut rates four times in over a month to weather the global financial storm. "We will use all kinds of monetary tools to maintain appropriate growth in money supply," central bank governor Perng Fai-nan said in a report to be delivered to the parliament on Thursday and seen by Reuters on Tuesday. "We will adjust interest rates to an appropriate level to ensure stability in the financial market," Perng said. Earlier this month, the central bank lowered its benchmark discount rate by 25 basis points to 2.75 percent, the lowest level since March 2007 as global central banks cut rates to spur growth in the worst economic climate since the Great Depression. Many economists expect the central bank to cut rates further in the fourth quarter as some key economies, such as Japan and the euro zone, have entered a recession, crimping demand for Taiwan's flagship electronics exports. Economic worries have pushed the Taiwan dollar <TWD=TP> lower in recent months, with the local currency losing about 11 percent since hitting a 10-1/2-year high in late March. The Taiwan dollar ended at a 3-week low of T$33.234 to the U.S. dollar on Tuesday. Perng also said in the report the central bank expected its 2009 profit to fall 9.6 percent to T$121.4 billion ($3.7 billion) from an expected T$134.3 billion for this year due to smaller investment returns after the wave of global rate cuts. "Our revenues will fall sharply because the rate cuts by global central banks have pushed interest rates of the U.S. dollar, the euro and the yen lower," Perng said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Congress set to question Paulson, BernankeAP - 21 minutes ago Wood Group unit wins Abu Dhabi clean energy dealReuters - 24 minutes ago Bank woes knock European stocks to 3-week lowReuters - 24 minutes ago easyJet board row escalates as earnings fallAP - 25 minutes ago Banking turmoil, commods drag FTSE 1.6 pct lowerReuters - 28 minutes ago Most Popular – Business Viewed Citigroup to slash 50,000 jobs, expenses worldwide Exercise, sleep cuts cancer risk: study Obama and McCain pledge 'new era of reform' Earth would be heading to a freeze without CO2 emissions Prince Charles wants to speak out as king: biographer View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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