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CBC to further cut benchmark interest rates to avert recession

CBC to further cut benchmark interest rates to avert recession

Taipei, Nov. 9 (CNA) Taiwan's central bank announced Sunday it will further lower its benchmark interest rates by 0.25 percentage points, effective Monday, in an effort to boost the country's economy that has shown signs of a recession amid a global credit crunch.
It will mark the fourth time since September that the Central Bank of the Republic of China has cut its key lending rates to help improve credit conditions and sustain domestic economic growth.
After adjustments, the discount rate -- an interest rate a central bank charges depository institutions that borrow reserves from it -- will be lowered to 2.75 percent, the rate on
accommodations with collateral to 3.125 percent and the rate on accommodations without collateral to 5 percent.