Three Asian central banks raise rates

The Central Bank of the Republic of China (Taiwan), Taipei
The Central Bank of the Republic of China (Taiwan)
Kao Kuoen

Central banks in Taiwan, the Philippines and Hong Kong raised interest rates today (March 23), following the US Federal Reserve’s decision. On March 22, the Fed’s rate-setters voted unanimously to raise the target range for the federal funds rate by 25 basis points to 4.75–5%. It acted after a series of bank failures in the US and Europe.

Taiwan: In a surprise move, Taiwan’s central bank raised the benchmark discount rate by 12.5bp to 1.875%, the highest level since 2015.

In a poll by Bloomber

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