臺灣中央銀行調降貨幣政策利率0.25個百分點

 

中央銀行新聞稿                                 98218日發布

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE Release Date: February 18, 2009

 

中央銀行常務理事會議決議

Monetary Policy Decisions of the Executive Directors Meeting

 

一、本( 18 )日本行常務理事會決議如下:

I. The following decision was made in today's executive directors meeting of the CBC:

 

本行重貼現率、擔保放款融通利率及短期融通利率各調降0.25個百分點,分別由年息1.50%、1.875%及3.75%調整為1.25%、1.625  %及3.50%,自本(2)19日起實施。

The CBC decided to lower the discount rate, the rate on accommodations with collateral, and the rate on accommodations without collateral by 25 basis points each to 1.25%, 1.625% and 3.50%, respectively, effective from February 19.

 

二、本次降息,主要考量因素如次:

II. The decision is based on the following considerations:

 

(一)全球經濟成長持續下修:由美國房地產泡沫破滅引發之全球金融危機,已嚴重衝擊全球經濟景氣。本(2009)1月國際貨幣基金(IMF)將本年全球經濟成長預測值再大幅下修至0.5%(2008年為3.4%),其中美國、歐元區及日本等皆出現經濟衰退,中國大陸與其他新興經濟體之經濟成長亦明顯減緩。

1. Global economic outlook continues to worsen: The global financial crisis triggered by the US housing bust has severely depressed the world economy. In January 2009, the International Monetary Fund (IMF) again slashed its forecast of world economic growth to 0.5% for the year 2009 (compared to 3.4% for 2008), with contraction expected in the US, the euro area and Japan and major slowdown in China and other emerging economies.

 

()外需銳減衝擊國內經濟活動:我國係小型高度開放經濟體,經濟成長之主要動力為國外需求;加以出口地區與出口產品較為集中,因此,受全球經濟景氣下降的影響更大。由於外需不振,導致近5個月出口皆呈負成長,且衰退幅度擴大,進而對內需產生不利影響。近月失業率明顯走高,國內消費、工業生產及投資活動亦萎縮,造成國內經濟景氣大幅走跌。

2. Steep decline in exports undermines domestic economic activity: Taiwan is a small and highly open economy with external demand as the main driving force for growth. A relatively high degree of concentration in the markets and product lines of exports adds to Taiwan's sensitivity to a global economic downturn. Due to weak external demand, Taiwan's exports suffered increasingly steep declines over the past five months, which has in turn weighed on domestic demand. Rising unemployment, shrinking consumption, industrial production and investment in recent months have led to a gloomy outlook for the domestic economy.

 

()國內景氣不如預期,本年經濟將呈負成長:在內外需疲弱下,本日行政院主計處將上年第四季及本年全年經濟成長率,由上年11月預估之-1.73%2.12%,分別大幅向下調整至-8.36%-2.97%

3. Taiwan's economic growth is weaker than expected and may slip to negative territory in 2009: As domestic and external demand weakens, the Directorate-General of Budget, Accounting and Statistics (DGBAS) of the Cabinet today revised its preliminary estimate and projection of Taiwan's GDP growth sharply downwards. For the fourth quarter of 2008, the economy shrank by 8.36% year-on-year, a significant revision from the -1.73% forecast in November 2008. The economy is projected to contract by 2.97% year-on-year for the year 2009, instead of the November 2008 forecast of a 2.12% growth.

 

()物價上漲壓力明顯消退:上年下半年以來,隨國內外景氣下滑,原油等國際商品價格急速走低,國內消費者物價(CPI)年增率明顯減緩,行政院主計處預測本年為-0.82%(上年為3.53%)

4. Inflationary pressure has clearly subsided: Since the second half of 2008, with economic downturn at home and abroad, international oil and other commodity prices have fallen drastically, while domestic inflation has also come down substantially. The DGBAS projects the CPI inflation rate for the year 2009 at -0.82%, down from the previous year's 3.53%.

 

()持續降息有助提振內需:本次降息,連同先前6度降息,累計降幅達2.375個百分點,對減輕個人及企業資金成本,增進民間消費與投資意願,有所助益。

5. Continuous rate cuts would help boost domestic demand: Including today's action, the CBC has reduced the policy rates seven times in the current round of rate cuts by a total of 237.5 basis points. Lower interest rates can help reduce the funding costs of individuals and enterprises and boost private consumption and investment.

 

三、本行瞭解利率下降對社會各界的影響不一,一方面使借款戶之利息負擔減輕(詳表一),另一方面,存款大眾利息收入也減少。調降利率乃目前全球央行因應景氣衰退所行之措施,本行基於整體經濟利益考量,認為調降利率有其必要性;當經濟好轉後,全民均將受益,希望各界共體時,攜手度過難關。

III. The CBC understands that rate cuts affect each group differently; borrowers have interest payment reduced, while depositors receive lower interest income. Nevertheless, to address the current recession, central banks around the world have unanimously cut policy rates. Based on a comprehensive consideration of the overall economy, the CBC believes that rate cuts are necessary to help foster economic recovery, which in the end will benefit everyone.

 

四、面對二次世界大戰以來最嚴峻之經濟衰退,IMF建議各國積極動用貨幣及財政政策,支撐疲弱的總合需求。在通膨壓力消退情況下,本行持續行寬鬆貨幣政策,維持合宜的貨幣數量成長,以激勵景氣;加以近期政府已積極採取擴張性財政政策,推動振興經濟新方案(詳表),預期將共同發揮成效,促進經濟早日復甦。

IV. Faced with the worst economic recession since the Second World War, the IMF urges governments to vigorously implement monetary and fiscal policies to bolster weak aggregate demand. As inflation cools, the CBC continues with monetary easing, while keeping monetary growth at an appropriate level, to stimulate the economy. Meanwhile, the government has also adopted an expansionary fiscal policy. These coordinated policy efforts are expected to help bring economic growth back on track.