Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                           Release Date: September 30, 2026

Statistics on Banks’ Derivatives Trading Activity (August 2026)

Turnover of derivatives contracts, in notional terms, traded by banks in August 2026 totaled NT$21,350.7 billion (Table 1, Figure 1), led by foreign exchange contracts (NT$19,013.9 billion), followed by interest rate contracts (NT$2,109.7 billion), equity-linked contracts (NT$199.6 billion), commodity contracts (NT$26.4 billion), and credit contracts (NT$1.1 billion). Total turnover decreased by 11.65% from the previous month, primarily reflecting a decline in FX swap turnover (Table 2). The analysis is provided as follows:

●By Risk Category

Foreign exchange contracts comprised the largest share at 89.06%, followed by interest rate contracts at 9.88%. The share of equity-linked contracts was a modest 0.93%, while those of commodity and credit contracts were 0.12% and 0.01%, respectively (Table 1).

●By Trading Currency

Contracts involving the NTD accounted for 40.10% of the total, while those between foreign currencies made up the remaining 59.90%. Turnover of contracts involving the NTD decreased by 15.02% from the previous month, while that of contracts between foreign currencies declined by 9.24% (Table 1).

●By Bank Type

Domestic banks accounted for 74.12% of the total, while local branches of foreign and Mainland Chinese banks represented 25.88%. Ranked by turnover, the top five banks, in descending order, were CTBC Bank, Bank SinoPac, Cathay United Bank, Taishin International Bank, and E. SUN Bank, which collectively represented 39.04% of the total.

●Changes in Turnover

Compared with the previous month, turnover of foreign exchange contracts dropped by NT$2,029.1 billion, or 9.64%, and that of interest rate contracts fell by NT$724.4 billion, or 25.56%. Over the same period, turnover of equity-linked contracts decreased by NT$58.8 billion, or 22.75%, while that of commodity contracts increased by NT$2.4 billion and that of credit contracts declined by NT$5.1 billion (Table 2).

PRESS RELEASE                                                     Release Date: September 29, 2026                

Liquid Reserves of Financial Institutions (August 2026)

1. For the month of August 2026, liabilities subject to liquid reserve requirements totaled NT$55,888.6 billion, of which deposits totaled NT$54,991.7 billion accounting for 98.40% of the total. Based on the statutory minimum liquid reserve ratio of 10%, the required liquid reserves amounted to NT$5,588.9 billion.

2. For the month of August 2026, actual liquid reserve assets totaled NT$13,146.5 billion, representing an increase of NT$311.7 billion from the previous month. By category, the primary components were as follows (Table 1):

(1) Certificates of deposit issued by the Bank amounted to NT$5,679.3 billion accounting for 43.20% of the total, an increase of NT$417.6 billion from the previous month.

(2) Government bonds stood at NT$2,369.4 billion accounting for 18.02% of the total, an increase of NT$0.8 billion from the previous month.

(3) Re-deposits at designated banks by financial institutions totaled NT$973.7 billion accounting for 7.41% of the total, a decrease of NT$66.7 billion from the previous month.

3. For the month of August 2026, the actual liquid reserve ratio of financial institutions was 23.52%, representing an increase of 0.33 percentage points from the previous month (Table 2).

PRESS RELEASE                                                     Release Date: September 24, 2026

Issuance and Auction Plan of CBC-Issued Certificates of Deposit (Q4 2026)

1. In view of recent liquidity conditions in the banking system and banks' asset allocation needs, the Bank will reduce the monthly auction amount of 364-day certificates of deposit (CDs) from NT$120 billion to NT$110 billion, effective October 2026. The monthly auction amount of 2-year CDs remains unchanged.

2.The Bank's plan of its CDs for the fourth quarter of 2026 is as follows. The information listed is subject to change; any modifications will be announced separately by the Bank.

October 2026

November 2026

December 2026

2. The Bank will reconfirm the relevant auction information through the "CBC open market operations network system" at 8:45 a.m. on the respective auction dates.

3. Auction specifications are as follows:

• Auction method: Multiple-rate auction.
• Eligible counterparties: Banks, credit cooperatives, bills finance companies, and Chunghwa Post Co., Ltd.
• Maximum allocation: The total allocation for each bidder shall not exceed 30% of the total offering amount per auction.
• Other relevant matters shall be governed by the "Directions for Open Market Operations by the Central Bank of the Republic of China (Taiwan)."

4. The auction information of CDs for the first quarter of 2027 is currently scheduled for release on December 24, 2026.

Central Bank of the Republic of China (Taiwan)
PRESS RELEASE                                                        Release Date: September 24, 2026                                   

Overview of Dishonored Checks Due to Insufficient Funds (August 2026)

I. Check Clearing Volume and Value
In August, the number of checks cleared totaled 4.0 million, representing a month-on-month decrease of 6.65%. The total value of checks cleared amounted to NT$1.06 trillion, a month-on-month decrease of 8.11%.

These developments primarily reflected a decrease of 1 business day compared with the previous month, leading to a decrease in both the volume and value of checks cleared (see attached table).

II. Dishonored Checks Due to Insufficient Funds
In August, the gross number of dishonored checks due to insufficient funds totaled 3,078, accounting for 0.08% of the total number of checks cleared, the same as in the previous month.

The gross value of such dishonored checks amounted to NT$3.8 billion, accounting for 0.36% of the total value of checks cleared. This represented an increase of 0.07 percentage points from the previous month.

These developments primarily reflected an increase in the number of dishonored checks issued by accounts with a high aggregated value of dishonored checks.1

III. Analysis by Account Type
In August, the share of dishonored checks attributed to corporate accounts in terms of volume increased by 2.15 percentage points from the previous month. The share of the value of dishonored checks attributed to corporate accounts decreased by 17.65 percentage points month on month. The shares for personal accounts moved in opposite directions by a similar magnitude.

Notes:1. Accounts with a high aggregated value of dishonored checks refer to those whose dishonored check values amount to NT$100 million or more.
          2. The next press release is scheduled for October 27, 2026, at 4:20 PM.
        
 

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                    Release Date: September 23, 2026

Financial Conditions（August 2026）

Monetary Aggregates   For the month of August 2026, the monthly growth rates of the monetary aggregates M1B and M2（measured on a daily average basis）were 0.72% and 0.65%, respectively. The annual growth rates of M1B and M2 decreased to 6.65% and 6.79%. The decline in the M2 growth rate was mainly because of slower growth in foreign currency deposits and passbook savings deposits. For the first eight months of this year, the average annual growth rates of M1B and M2 were 7.71% and 6.62%, respectively.

Loans and Investments of Financial Institutions   At the end of August 2026, the monthly growth rate of total outstanding loans and investments（measured on a cost basis）of monetary financial institutions was 0.93%. Meanwhile, the annual growth rate increased from 9.08% at the end of the previous month to 9.43% mainly because of growth in bank claims on the private sector and government enterprises. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 7.69%, higher than the 7.40% registered at the end of the previous month.

Notes:

1. The next Financial Conditions（September 2026）is scheduled for release at 16:20 on Oct. 23, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                   Release Date: September 22, 2026                       

Taipei Foreign Exchange Market August 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,044.4 billion in August 2026. The average daily turnover was US$49.7 billion.

1. By trading counterparty:（USD billions）

2. By trading currency:（USD billions）

3. By transaction type:（USD billions）

4. By trading platform:（USD billions）

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In August 2026, the turnovers of interest rate swaps and interest rate options were US$10.9 billion and US$1.9 billion, respectively.

PRESS RELEASE                                   Release Date: September 22, 2026

Average Rate on New Loans of  Five Major Banks (August 2026)

For the month of August 2026, the weighted average interest rate on new loans extended by the five major domestic banks (Bank of Taiwan, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Commercial Bank, and Land Bank of Taiwan) increased by 0.020 percentage points from 2.167% in the previous month to 2.187%. This was because while interest rates on capital expenditure loans declined, those on all other loan categories increased.

As the five major domestic banks extended no new loans to the Treasury in August, the rate excluding Treasury borrowings remained at 2.187%, up by 0.020 percentage points from 2.167% in the previous month.

Note: The next Average Rate on New Loans of Five Major Banks (September 2026) is scheduled for release at 16:20 on October 22, 2026.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: September 17, 2026

Monetary Policy Decision of the Board Meeting (2026 Q3)

1. Global economic and financial conditions

Since the Board met in June this year, rising investment in artificial intelligence (AI) and related technologies has contributed to further expansion in global manufacturing activity and sustained and moderate growth in the global economy. Amid geopolitical tensions in the Middle East, international crude oil and other commodity prices have remained elevated and global inflationary pressures have persisted.

From June onwards, the European Central Bank has implemented policy rate hikes twice, and the Bank of Japan has resumed raising policy rates. The U.S. Federal Reserve has pivoted toward a policy rate increase, while the People's Bank of China has maintained its loose monetary policy stance. In the meantime, market attention on the pace of monetary policy adjustments and fiscal soundness in major economies, as well as the profitability of AI-related investment, have induced greater volatility in global financial markets.

Looking ahead, international institutions currently forecast that as the impact of the energy shock subsides, global economic growth is likely to rebound and global inflation is projected to decline next year. Nevertheless, the global economic and financial outlook faces numerous uncertainties, including possible impacts arising from developments in the Middle East conflict, the future course of monetary policy among major central banks, the prospect for AI-related industries, and the shift in U.S. economic and trade policies.

2. Domestic economic and financial conditions

1. The domestic economy performed better than expected in the first half of the year, expanding by 14.15% over the same period a year ago. From July onwards, bolstered by continuous and strong demand for AI and other emerging technology applications, exports grew significantly and private investment also increased further, while private consumption posted sustained growth. The Bank revised up its forecast for Taiwan's GDP growth rate to 9.09% for the second half of this year and 11.48% for the year as a whole (see Appendix Table 1 for the forecasts by major institutions). Regarding labor market conditions in recent months, the number of employed persons continued to rise, the unemployment rate declined year on year, and wages grew mildly.

Looking ahead to next year, robust demand for emerging technology applications is likely to persist, which will continue to boost exports and private investment. Meanwhile, with possible hikes in public sector pay and minimum wage, private consumption is expected to rise further. However, the Bank forecasted that a higher base effect would lead the economic growth rate to register 5.82% next year.

2. For the first eight months of the year, the annual growth rate of the consumer price index (CPI) averaged 1.84% and that of the core CPI (excluding vegetables, fruit, and energy items) averaged 2.11%. Given that international oil prices remained elevated and that services inflation stayed high and showed downward rigidity, the Bank revised upward its forecasts for Taiwan's CPI and core CPI inflation rates to 2.03% and 2.16%, respectively (see Appendix Table 2 for the forecasts by major institutions).

Regarding the inflation outlook for next year, as major foreign institutions currently projected that international oil prices would decline from the levels this year, upward pressures on domestic fuel and lubricant prices and air fares would likely ease somewhat subsequently. Meanwhile, consumer demand was expected to be mild. The Bank therefore forecasted that for next year the CPI and core CPI inflation rates will slow to 1.83% and 1.89%, respectively, with most domestic and foreign institutions also expecting a decline in Taiwan's 2027 CPI inflation rate (Appendix Table 2). However, international geopolitical risks and weather factors could affect future domestic inflation trends.

3. The ongoing global AI demand boom has driven investment and operating activities across related industries at home, resulting in an increase in corporate funding demand for working capital. Meanwhile, local stock market buoyancy has also led to stronger needs for loans to retail borrowers for financial investment. Against this backdrop, the average annual growth rate of loans and investments of all banks rose to 8.23% for the first seven months of this year, taking the annual growth rate of M2 to an average of 6.60% for the same period.

Short- and long-term market interest rates both drifted up in recent months, reflecting the significant increase in domestic funding needs and a net foreign capital outflow. The Bank continued to manage market liquidity through open market operations. Excess bank reserves averaged above NT$52 billion for the period from June to August this year, suggesting still ample liquidity in the banking system.

3. The Board decided to keep the policy rates unchanged

At the meeting today, the Board considered the totality of information on the economic and financial conditions at home and abroad. Domestic inflation was expected to remain contained this year and would likely ease to below 2% next year, and the domestic economy was projected to expand at a solid pace. Against this background, and taking a prudent approach to the uncertainty surrounding the global economic and financial outlook and the potential impact of the Middle East conflict on domestic prices and the economy, the Board judged that a rate hold would help sustain sound economic and financial development on the whole.

The Board decided to keep the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 2%, 2.375%, and 4.25%, respectively.

Going forward, the Bank will closely monitor domestic inflation trends, the extent of monetary policy tightening by major central banks, domestic financial conditions, and the implications of other uncertainty factors – such as the prospects of AI applications, impacts from the U.S. economic and trade policies, and extreme weather – for Taiwan's economic activity. The Bank will adjust its monetary policy accordingly in a timely manner to fulfill the statutory duties of maintaining financial and price stability while fostering economic development within the scope of the aforementioned objectives.

4. The Board decided to adjust the selective credit control measures

Since the Bank's moderate adjustment in March this year to the cap on the loan-to-value (LTV) ratio for a natural person's second housing loan, domestic banks have continued to reinforce real estate credit risk management, with signs of further improvement in the disproportionate credit flow into the real estate market. At the end of July 2026, the ratio of real estate lending to total lending of all banks (a measure of concentration of real estate lending) has declined to 34.44% from 35.56% at the end of March 2026, representing also a decline of 3.17 percentage points from the recent peak of 37.61% recorded at the end of June 2024. In the meantime, domestic banks have recorded a continued increase in housing loans to non-homeowners as a share of total housing loans. Loans for urban renewal and reconstruction of unsafe and dilapidated housing have also been rising as a share of construction loans. Housing market transactions have been cooling off, with speculative activity decreasing; consumer expectations for housing price rises have also softened.

Considering that the selective credit controls are showing effectiveness and that financial institutions' reinforcement of real estate credit risk control have produced positive results, the Bank decided to make moderate adjustments to the credit controls and to amend the Regulations Governing the Extension of Mortgage Loans by Financial Institutions accordingly, effective September 18, 2026 (see Appendix). Major amendments included the following:    

(1) To more aptly support the need to purchase owner-occupant housing for borrowers themselves or their family, the Bank decided to adjust the LTV ratio cap on a natural person's second housing loan, raising it from 60% to 70%. 

(2) Regarding land loans, which are subject to the rules introduced in December 2021 by the Bank that such loans should be accompanied by a written affidavit specifying the timeframe to commence construction, it has been observed that banks have demonstrated prudence in underwriting such loans while requesting and verifying the loan cases' construction schedules. Given these developments and in view that the relevant rules may serve well under banks' own credit extension practices, the Bank decided to remove the requirement of submitting ''a written affidavit specifying the timeframe to commence construction.''    

Going forward, the Bank will continue to conduct rolling reviews of the credit control measures and make timely adjustments as warranted in order to foster financial stability and sound banking operations.

5. The NT dollar exchange rate is in principle determined by market forces. Nonetheless, when irregular forces (such as massive inflows/outflows of short-term capital) and seasonal factors lead to excess volatility or disorderly movements in the NT dollar exchange rate with adverse implications for economic and financial stability, the Bank will, consistent with its statutory duties, step in to maintain an orderly market.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE              Release Date: September 15, 2026                     

Monthly Overview of RMB Business Conducted by Banks（August 2026）

   As of August 31, 2026, there were 65 authorized banks (DBUs) and 56 offshore banking units (OBUs) conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in August 2026 was RMB 634 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                 Release Date: September 14, 2026                    

Approved foreign exchange business in August 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. EnTie Commercial Bank to engage in non-discretionary individually managed money trust business denominated in foreign currencies.
2. Bank of Taiwan, Mega International Commercial Bank and First commercial Bank to issue foreign currency denominated negotiable certificates of deposit.
3.  As of the end of  August 2026, there were 3,451 authorized banks, including 3,411 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                   Release Date: September 11, 2026

Reserve Money (August 2026)

For the month of August 2026, the daily average balance of reserve money was NT$7,579.6 billion, an increase of NT$32.3 billion from the previous month. Of the components, currency in circulation decreased by NT$6.8 billion, while reserves deposited with the Bank increased by NT$39.1 billion.

For the sources of change in reserve money, there were a number of contractionary factors such as tax remittances to the National Treasury, the issuance of government bonds, and a net increase in NCDs issued by the Bank. However, these effects were more than offset by expansionary factors, including interest payments on government bonds, repayment of Treasury bills and government borrowings, and the disbursement of various subsidies and centrally-allocated tax revenues. As a result, the daily average balance of reserve money increased from the previous month.

The annual growth rate of the daily average balance of reserve money increased by 0.05 percentage points from 6.98% in the previous month to 7.03%. For the first eight months of the year, the annual growth rate of the daily average balance of reserve money was 7.14%, higher than 5.83% in the same period last year.

Note: The next Reserve Money (September 2026) is scheduled for release at 16:20 on October 12, 2026.

Press Release                                                                              Release Date: September 7, 2026

Summary of Interbank Call Loan and Commercial Paper Markets (August 2026)

I. Interbank Call Loan Market

1. Interbank Overnight Call Loan Rates

For the month of August 2026, the interbank overnight call loan rates ranged from 0.815% to 0.828%, while the weighted average rate stood at 0.822%, edging down by 0.002 percentage points from the previous month (Table 1).

2. Turnover

For the month of August 2026, the total turnover in the interbank call loan market amounted to NT$2,220.7 billion, representing a decrease of NT$678.2 billion or 23.4% from the previous month. The average daily turnover stood at NT$105.7 billion, a month-on-month decrease of NT$26.1 billion or 19.8% (Table 2).

3. Outstanding Balance

For the month of August 2026, the daily average outstanding balance of interbank call loans stood at NT$514.7 billion, representing a decrease of NT$36.6 billion or 6.64% from the previous month (Table 2).

(1) By borrower, domestic banks accounted for the dominant share of 50.96%, followed by bills finance companies, local branch of foreign and Mainland Chinese banks, and Chunghwa Post Co., with shares of 26.06%, 21%, and 1.98%, respectively (Table 3).

(2) By lender, domestic banks held the largest share of 84.07%, followed by local branches of foreign and Mainland Chinese banks, Chunghwa Post Co., and bills finance companies, with shares of 10.34%, 5.38%, and 0.21%, respectively (Table 3).

II. Commercial Paper Market

1. Primary Market

(1) Rates

For the month of August 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.83% to 1.94%. The preliminary monthly average rate stood at 1.88%, edging up by 0.04 percentage points from the previous month (Table 1).

(2) Issuance

At the end of August 2026, the outstanding amount of short-term bills issued through the TDCC Bills Clearing and Settlement System stood at NT$4,357.9 billion, an increase of NT$55.3 billion or 1.29% from the previous month; of this total, commercial paper accounted for NT$4,104.3 billion, an increase of NT$31.1 billion or 0.76% from the previous month (Table 4).

2. Secondary Market

(1) Rates

For the month of August 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.673% to 1.753%. The preliminary monthly average rate stood at 1.71%, edging up by 0.21 percentage points from the previous month (Table 1).

(2) Turnover

For the month of August 2026, the total turnover in short-term bills traded through the TDCC Bills Clearing and Settlement System stood at NT$5,932.5 billion, a decrease of NT$413.5 billion or 6.52% from the previous month; of this total, commercial paper turnover reached NT$5,229.5 billion, a decrease of NT$600.4 billion or 10.3% from the previous month (Table 4).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                     Release Date: September 4, 2026                              

Foreign Exchange Reserves as of the End of August 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$601.90 billion as of the end of August 2026, showing an increase of US$7.63  billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in August 2026 are:

1.Returns from foreign exchange reserves management.

2.Exchange rate movements of other reserve currencies against the USD.

3.The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of August 2026 reached US$1,861.0 billion, equivalent to 309% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on October 5, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                      Release Date: September 1, 2026          

Auction Results of 5-Year Central Government Bonds (Issue Code A15108)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 5-Year Central Government Bonds (A15108) on September 1, 2026. The auction results are as follows:

• Issue Date                                                       September 4, 2026
• Maturity Date                                                  September 4, 2031
• Amount Offered                                              NT$25 billion
• Amount Issued                                                NT$25 billion
• Coupon Rate                                                 1.7500% per annum

(determined in increments of 0.125% at the closest rate below the highest accepted yield)

• Issue Price                                                      Calculated based on the highest accepted yield

• Competitive Bidding      

          Amount Offered                                          NT$24.9939 billion

          Amount Issued                                            NT$24.9939 billion

          Total Bids Tendered                                     NT$39.2500 billion

          Total Bids Accepted                                     NT$24.9939 billion

          Bid-to-Cover Ratio                                     1.57

          Lowest Accepted Yield                               1.7000% per annum

          Highest Accepted Yield                              1.8200% per annum

          Weighted Average Accepted Yield             1.7790% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

          Amount Offered                                          NT$0.0061 billion

          Amount Issued                                            NT$0.0061 billion

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                             Release Date: August 31, 2026                 

Statistics on Banks’ Derivatives Trading Activity (July 2026)

Turnover of derivatives contracts, in notional terms, traded by banks in July 2026 totaled NT$24,165.7 billion (Table 1, Figure 1), led by foreign exchange contracts (NT$21,043.0 billion), followed by interest rate contracts (NT$2,834.1 billion), equity-linked contracts (NT$258.4 billion), commodity contracts (NT$24.0 billion), and credit contracts (NT$6.2 billion). Total turnover decreased by 7.29% from the previous month, primarily reflecting declines in interest rate swap and FX swap turnovers (Table 2). The analysis is provided as follows:

● By Risk Category

Foreign exchange contracts comprised the largest share at 87.08%, followed by interest rate contracts at 11.72%. The share of equity-linked contracts was a modest 1.07%, while those of commodity and credit contracts were 0.10% and 0.03%, respectively (Table 1).

● By Trading Currency

Contracts involving the NTD accounted for 41.69% of the total, while those between foreign currencies made up the remaining 58.31%. Turnover of contracts involving the NTD decreased by 5.60% from the previous month, while that of contracts between foreign currencies declined by 8.46% (Table 1).

● By Bank Type

Domestic banks accounted for 73.33% of the total, while local branches of foreign and Mainland Chinese banks represented 26.67%. Ranked by turnover, the top five banks, in descending order, were CTBC Bank, Bank SinoPac, Cathay United Bank, Taishin International Bank, and Standard Chartered Bank, which collectively represented 40.00% of the total.

● Changes in Turnover

Compared with the previous month, turnover of foreign exchange contracts dropped by NT$767.4 billion, or 3.52%, and that of interest rate contracts fell by NT$1,095.1 billion, or 27.87%. Over the same period, turnover of equity-linked contracts decreased by NT$37.5 billion, or 12.66%, while that of commodity contracts increased by NT$5.4 billion and that of credit contracts declined by NT$5.6 billion (Table 2).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: August 28, 2026          

Liquid Reserves of Financial Institutions (July 2026)

1. For the month of July 2026, liabilities subject to liquid reserve requirements totaled NT$55,354.9 billion, of which deposits totaled NT$54,443.0 billion accounting for 98.35% of the total. Based on the statutory minimum liquid reserve ratio of 10%, the required liquid reserves amounted to NT$5,535.5 billion.

2. For the month of July 2026, actual liquid reserve assets totaled NT$12,834.8 billion, representing a decrease of NT$156.1 billion from the previous month. By category, the primary components were as follows (Table 1):

(1) Certificates of deposit issued by the Bank amounted to NT$5,261.7 billion accounting for 41.00% of the total, a decrease of NT$46.9 billion from the previous month.

(2) Government bonds stood at NT$2,368.6 billion accounting for 18.45% of the total, a decrease of NT$3.0 billion from the previous month.

(3) Re-deposits at designated banks by financial institutions totaled NT$1,040.4 billion accounting for 8.11% of the total, a decrease of NT$18.7 billion from the previous month.

Central Bank of the Republic of China (Taiwan)
PRESS RELEASE                                                              Release Date: August 27, 2026                                

Overview of Dishonored Checks Due to Insufficient Funds (July 2026)

I. Check Clearing Volume and Value
In July, the number of checks cleared totaled 4.3 million, representing a month-on-month decrease of 11.14%. The total value of checks cleared amounted to NT$1.15 trillion, a month-on-month decrease of 1.21%.

These developments primarily reflected a decrease of 1 month-end peak day¹ compared with the previous month, leading to a decrease in both the volume and value of checks cleared (see attached table).

II. Dishonored Checks Due to Insufficient Funds
In July, the gross number of dishonored checks due to insufficient funds totaled 3,202, accounting for 0.08% of the total number of checks cleared. This represented an increase of 0.01 percentage point from the previous month.

The gross value of such dishonored checks amounted to NT$3.4 billion, accounting for 0.29% of the total value of checks cleared. This represented a decrease of 0.01 percentage points from the previous month.

These developments primarily reflected a decrease in the number of dishonored checks issued by accounts with a high aggregated value of dishonored checks.²

III. Analysis by Account Type
In July, the share of dishonored checks attributed to corporate accounts in terms of volume decreased by 1.23 percentage points from the previous month. The share of the value of dishonored checks attributed to corporate accounts increased by 9.67 percentage points month on month. The shares for personal accounts moved in the opposite directions by similar magnitudes.

Notes:1. Check clearing activity typically peaks at the end of each month, referred to as “month-end
              peak day.” July had 1 such peak day, compared with 2 in the previous month.
          2. Accounts with a high aggregated value of dishonored checks refer to those whose dishonored
              check values amount to NT$100 million or more.
          3. The next press release is scheduled for September 24, 2026, at 4:20 PM.
 

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                       Release Date: August 24, 2026                       

Taipei Foreign Exchange Market July 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,046.0 billion in July 2026. The average daily turnover was US$47.5 billion.

1. By trading counterparty:（USD billions）

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In July 2026, the turnovers of interest rate swaps and interest rate options were US$16.3 billion and US$3.9 billion, respectively.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                            Release Date: August 24, 2026

Financial Conditions（July 2026）

Monetary Aggregates   For the month of July 2026, the monthly growth rates of the monetary aggregates M1B and M2（measured on a daily average basis）were -0.71% and -0.09%, respectively. The annual growth rates of M1B and M2 decreased to 7.34% and 7.42% mainly due to net foreign capital outflows. For the first seven months of this year, the average annual growth rates of M1B and M2 were 7.87% and 6.60%, respectively.

Loans and Investments of Financial Institutions   At the end of July 2026, the monthly growth rate of total outstanding loans and investments（measured on a cost basis）of monetary financial institutions was 1.17%. Meanwhile, the annual growth rate increased from 8.80% at the end of the previous month to 9.07% mainly because of growth in bank claims on government enterprises and the government. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 7.40%, higher than the 7.33% registered at the end of the previous month.

Notes:

1. The next Financial Conditions（August 2026）is scheduled for release at 16:20 on Sep. 23, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                         Release Date: August 21, 2026             

Average Rate on New Loans of  Five Major Banks (July 2026)

For the month of July 2026, the weighted average interest rate on new loans extended by the five major domestic banks (Bank of Taiwan, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Commercial Bank, and Land Bank of Taiwan) increased by 0.012 percentage points from 2.155% in the previous month to 2.167%. This was because, while interest rates for housing loans declined, those for all other loan categories increased.

As the five major domestic banks recorded no Treasury borrowings in July, the weighted average interest rate on new loans extended by the five major banks excluding Treasury borrowings was the same at 2.167%, also up by 0.012 percentage points from 2.155% in the previous month.

Note:  The next Average Rate on New Loans of  Five Major Banks (August 2026) is scheduled for release at 16:20 on September 22, 2026.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                    Release Date: August 20, 2026

BALANCE OF PAYMENTS (Q2 2026)

For the second quarter of 2026, the overall balance of payments registered a current account surplus of US$58.49 billion, a net asset increase of US$53.79 billion on the financial account, and an increase of US$0.79 billion in the Bank's reserve assets.

I. Current Account

The current account surplus increased by US$21.29 billion over the same quarter of the previous year.

1.The goods trade surplus widened by US$15.50 billion year on year to US$52.76 billion. This was mainly due to an expansion in exports as demand for emerging technology applications remained strong.

2.The services account deficit narrowed by US$1.90 billion year on year to US$2.53 billion, mainly accounted for by a decrease in construction expenditures and an increase in receipts from computer and information services.

3.Primary income surplus rose by US$3.33 billion year on year to US$9.71 billion, mainly because of an increase in residents' income from outward direct investment.

4.The secondary income deficit shrank by US$0.56 billion year on year to US$1.44 billion, mainly reflecting an increase in receipts from gifts and samples.

II. Financial Account

1.The direct investment account recorded a net asset increase of US$8.47 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$11.04 billion and US$2.57 billion, respectively.

2.The portfolio investment account recorded a net asset increase of US$4.81 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$6.71 billion mainly because the banking sector raised their holdings of overseas debt securities. Nonresidents' portfolio investment recorded a net increase of US$1.90 billion, mainly reflecting an increase in nonresident holdings of corporate bonds issued overseas by Taiwanese firms.

3.The financial derivatives account posted a net asset decrease of US$8.83 billion, mainly owing to a decrease in assets that reflected gains from the disposal of derivative financial instruments by other financial corporations.

4.The account of other investment recorded a net asset increase of US$49.35 billion, mainly because of an increase in trade credit extended by the other private sector.

III. Overview of BOP (Q1 – Q2, 2026)

For the first two quarters of 2026, the overall balance of payments posted a current account surplus of US$121.03 billion, a net asset increase of US$118.12 billion on the financial account, and a decrease of US$3.87 billion in the Bank's reserve assets.

Notes: 1. The next release of balance of payments data will be at 16:20 on November 20, 2026.

            2. For the release schedule for the coming months, please refer to the Advance Release Calendar on the Bank's website.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                 Release Date: August 17, 2026                     

Monthly Overview of RMB Business Conducted by Banks （July 2026）

   As of July 31, 2026, there were 65 authorized banks (DBUs) and 56 offshore banking units (OBUs) conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in July 2026 was RMB 324 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                        Release Date: August 14, 2026          

Auction Results of 2-Year Central Government Bonds (Reopening, Issue Code A15203R)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 2-Year Central Government Bonds (Reopening, A15203R) on August 14, 2026. The auction results are as follows:

• Issue Date                                                       August 19, 2026
• Original Issue Date                                         July 17, 2026
• Maturity Date                                                  July 17, 2028
• Amount Offered                                              NT$20 billion
• Amount Issued                                                NT$20 billion
• Coupon Rate                                                   1.5000% per annum
• Accrued Interest                                             NT$67,808 per NT$50 million par value
• Issue Price                                                       Calculated based on the highest accepted yield
• Competitive Bidding      

  Amount Offered                                          NT$19.9978 billion

          Amount Issued                                            NT$19.9978 billion

          Total Bids Tendered                                    NT$45.5000 billion

          Total Bids Accepted                                    NT$19.9978 billion

          Bid-to-Cover Ratio                                     2.28

          Lowest Accepted Yield                               1.5980% per annum

          Highest Accepted Yield                              1.7250% per annum

          Weighted Average Accepted Yield              1.6950% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

          Amount Offered                                          NT$0.0022 billion

          Amount Issued                                            NT$0.0022 billion

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                        Release Date: August 12, 2026                              

Approved foreign exchange business in July 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. Taiwan Business Bank, Chang Hwa Commercial Bank and Land Bank of Taiwan to issue foreign currency denominated negotiable certificates of deposit.

2. Shin Kong International Securities to conduct consigned trading of foreign securities involving receipts and disbursements settled in NTD or foreign currencies.

3. As of the end of  July 2026, there were 3,451 authorized banks, including 3,411 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                        Release Date: August 11, 2026

Reserve Money (July 2026)

For the month of July 2026, the daily average balance of reserve money was NT$7,547.3 billion, a decrease of NT$6.8 billion from the previous month. Of the components, currency in circulation decreased by NT$16.9 billion, while reserves deposited with the Bank increased by NT$10.1 billion.

For the sources of change in reserve money, there were a number of expansionary factors, including a net decrease in NCDs issued by the Bank, principal and interest payments on government bonds, repayment of Treasury bills, and the disbursement of various subsidies and centrally-allocated tax revenues. However, these effects were more than offset by contractionary factors such as tax remittances to the National Treasury and the issuance of government bonds. As a result, the daily average balance of reserve money decreased from the previous month.

The annual growth rate of the daily average balance of reserve money decreased by 0.65 percentage points from 7.63% in the previous month to 6.98%. For the first seven months of the year, the annual growth rate of the daily average balance of reserve money was 7.16%, higher than 5.88% in the same period last year.

Note: The next Reserve Money (August 2026) is scheduled for release at 16:20 on September 11, 2026.

Summary of Interbank Call Loan and Commercial Paper Markets (July 2026)

​I. Interbank Call Loan Market

1. Interbank Overnight Call Loan Rates 

For the month of July 2026, the interbank overnight call loan rates ranged from 0.818% to 0.828%, while the weighted average rate stood at 0.824%, edging up by 0.001 percentage points from the previous month (Table 1).

2. Turnover

For the month of July 2026, the total turnover in the interbank call loan market amounted to NT$2,898.9 billion, representing an increase of NT$361.3 billion or 14.24% from the previous month. The average daily turnover stood at NT$131.8 billion, a month-on-month increase of NT$11 billion or 9.11% (Table 2).

3. Outstanding Balance 

For the month of July 2026, the daily average outstanding balance of interbank call loans stood at NT$551.3 billion, representing an increase of NT$38 billion or 7.4% from the previous month (Table 2).

(1) By borrower, domestic banks accounted for the dominant share of 57.14%, followed by bills finance companies, local branch of foreign and Mainland Chinese banks, and Chunghwa Post Co., with shares of 25.65%, 16.78%, and 0.43%, respectively (Table 3).

(2) By lender, domestic banks held the largest share of 78.94%, followed by local branches of foreign and Mainland Chinese banks, Chunghwa Post Co., and bills finance companies, with shares of 12.34%, 8.54%, and 0.18%, respectively (Table 3).

II. Commercial Paper Market

1. Primary Market

(1) Rates

For the month of July 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.81% to 1.95%. The preliminary monthly average rate stood at 1.87%, edging down by 0.08 percentage points from the previous month (Table 1).

(2) Issuance

At the end of July 2026, the outstanding amount of short-term bills issued through the TDCC Bills Clearing and Settlement System stood at NT$4,302.6 billion, an increase of NT$48.8 billion or 1.15% from the previous month; of this total, commercial paper accounted for NT$4,073.2 billion, a decrease of NT$20.5 billion or 0.5% from the previous month (Table 4).

2. Secondary Market

(1) Rates

For the month of July 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.643% to 1.724%. The preliminary monthly average rate stood at 1.68%, edging up by 0.14 percentage points from the previous month (Table 1). 

(2) Turnover

For the month of July 2026, the total turnover in short-term bills traded through the TDCC Bills Clearing and Settlement System stood at NT$6,346 billion, an increase of NT$863.4 billion or 15.75% from the previous month; of this total, commercial paper turnover reached NT$5,829.9 billion, an increase of NT$743.4 billion or 14.62% from the previous month (Table 4).

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                         Release Date: August 7, 2026          

Auction Results of 10-Year Central Government Bonds (Reopening, Issue Code A15106R)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 10-Year Central Government Bonds (Reopening, A15106R) on August 7, 2026. The auction results are as follows:

• Issue Date                                                       August 12, 2026
• Original Issue Date                                         June 12, 2026
• Maturity Date                                                  June 12, 2036
• Amount Offered                                              NT$25 billion
• Amount Issued                                                NT$25 billion
• Coupon Rate                                                   1.7500% per annum
• Accrued Interest                                             NT$146,233 per NT$50 million par value
• Issue Price                                                       Calculated based on the highest accepted yield
• Competitive Bidding      

  Amount Offered                                          NT$24.9964 billion

          Amount Issued                                            NT$24.9964 billion

          Total Bids Tendered                                    NT$50.2000 billion

          Total Bids Accepted                                    NT$24.9964 billion

          Bid-to-Cover Ratio                                     2.01

          Lowest Accepted Yield                               1.7000% per annum

          Highest Accepted Yield                              1.9690% per annum

          Weighted Average Accepted Yield              1.9080% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

          Amount Offered                                          NT$0.0036 billion

          Amount Issued                                            NT$0.0036 billion

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                          Release Date: August 5, 2026                               

Foreign Exchange Reserves as of the End of July 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$594.27 billion as of the end of July 2026, showing a decrease of US$2.88 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in July 2026 are:

1.Returns from foreign exchange reserves management.

2.Exchange rate movements of other reserve currencies against the USD.

3.The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of July 2026 reached US$1,663.1 billion, equivalent to 280% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on September 4, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: August 4, 2026             

Statistics on Banks’ Outstanding Notional Amounts of Derivatives (End of June 2026)

As of the end of June 2026, the outstanding notional amounts of derivatives traded by banks totaled NT$106,372.4 billion (Table 1, Figure 1), representing an increase of NT$6,899.1 billion, or 6.94%, compared to the end of March 2026. This growth was primarily attributable to an increase of NT$5,065.4 billion in OTC swap contracts and of NT$1,263.7 billion in OTC forward contracts (Table 2). The analysis of product composition is as follows:

• By Market Type

OTC contracts accounted for 99.80% of the total, while exchange-traded contracts accounted for 0.20%. Within the OTC market, swap contracts were the most prevalent at 55.35%, followed by forward contracts at 38.90%. Sold options and bought options accounted for 2.89% and 2.66%, respectively (Table 1).

• By Risk Category

Interest rate contracts comprised the largest share at 56.43%, followed by foreign exchange contracts at 43.40%. Equity-linked contracts represented only 0.12%, while credit and commodity contracts contributed minimal shares of 0.04% and 0.01%, respectively.

• By Transaction Purpose

Contracts held for trading purposes accounted for 99.26%, while those held for non-trading purposes represented 0.74% (Table 1).

• By Bank Type

Domestic banks accounted for 63.94% of the total, while local branches of foreign and Mainland Chinese banks accounted for 36.06%. The top five banks by outstanding balance were Standard Chartered Bank, BNP Paribas, CTBC Bank, Taipei Fubon Bank and Cathay United Bank, which collectively represented 50.18% of the market total.

PRESS RELEASE                                                            Release Date: July 31, 2026

Statistics on Banks’ Derivatives Trading Activity (June 2026)

Turnover of derivatives contracts, in notional terms, traded by banks in June 2026 totaled NT$26,065.8 billion (Table 1, Figure 1), led by foreign exchange contracts (NT$21,810.5 billion), followed by interest rate contracts (NT$3,929.1 billion), equity-linked contracts (NT$295.8 billion), commodity contracts (NT$18.6 billion), and credit contracts (NT$11.8 billion). Total turnover increased by 20.48% from the previous month, primarily reflecting growth in FX swap turnover (Table 2). The analysis is provided as follows:

● By Risk Category

Foreign exchange contracts comprised the largest share at 83.67%, followed by interest rate contracts at 15.07%. The share of equity-linked contracts was a modest 1.14%, while those of commodity and credit contracts were 0.07% and 0.05%, respectively (Table 1).

● By Trading Currency

Contracts involving the NTD accounted for 40.95% of the total, with an increase of 16.22% month on month. Contracts between foreign currencies made up the remaining 59.05%, representing month-on-month growth of 23.61% (Table 1).

● By Bank Type

Domestic banks accounted for 71.58% of the total, while local branches of foreign and Mainland Chinese banks represented 28.42%. Ranked by turnover, the top five banks, in descending order, were CTBC Bank, Bank SinoPac, Cathay United Bank, E.SUN Bank, and Standard Chartered Bank, which collectively represented 39.98% of the total.

● Changes in Turnover

Compared with the previous month, turnover of foreign exchange contracts rose by NT$4,029.9 billion, or 22.66%, and that of interest rate contracts grew by NT$331.6 billion, or 9.22%. Over the same period, turnover of equity-linked contracts climbed by NT$63.0 billion, or 27.06%, while that of credit contracts increased by NT$7.3 billion (Table 2).

PRESS RELEASE                    Release Date: July 30, 2026

Minutes of the Monetary Policy Meeting（2026 Q2）

The Bank announces the release of the minutes of the Monetary Policy Meeting held on June 18, 2026（see Attachment）. 

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: July 28, 2026                    

Liquid Reserves of Financial Institutions (June 2026)

1. For the month of June 2026, liabilities subject to liquid reserve requirements totaled NT$55,302.9 billion, of which deposits totaled NT$54,436.4 billion accounting for 98.43% of the total. Based on the statutory minimum liquid reserve ratio of 10%, the required liquid reserves amounted to NT$5,530.3 billion.

2. For the month of June 2026, actual liquid reserve assets totaled NT$12,990.9 billion, representing a decrease of NT$578.2 billion from the previous month. By category, the primary components were as follows (Table 1):

(1) Certificates of deposit issued by the Bank amounted to NT$5,308.6 billion accounting for 40.86% of the total, a decrease of NT$405.7 billion from the previous month.

(2) Government bonds stood at NT$2,371.6 billion accounting for 18.26% of the total, an increase of NT$12.3 billion from the previous month.

(3) Re-deposits at designated banks by financial institutions totaled NT$1,059.1 billion accounting for 8.15% of the total, a decrease of NT$11.8 billion from the previous month.

3. For the month of June 2026, the actual liquid reserve ratio of financial institutions was 23.49%, representing a decrease of 1.82 percentage points from the previous month (Table 2).

PRESS RELEASE                                                                   Release Date: July 27, 2026

Overview of Dishonored Checks Due to Insufficient Funds (June 2026)                           

I. Check Clearing Volume and Value

In June, the number of checks cleared totaled 4.8 million, representing a month-on-month increase of 52.76%. The total value of checks cleared amounted to NT$1.16 trillion, a month-on-month increase of 26.22%.

These developments primarily reflected an increase of 1 business day and 2 month-end peak days¹ compared with the previous month, leading to an increase in both the volume and value of checks cleared (see attached table).

II. Dishonored Checks Due to Insufficient Funds
In June, the gross number of dishonored checks due to insufficient funds totaled 3,557, accounting for 0.07% of the total number of checks cleared. This represented a decrease of 0.01 percentage point from the previous month.

The gross value of such dishonored checks amounted to NT$3.5 billion, accounting for 0.30% of the total value of checks cleared. This represented an increase of 0.06 percentage points from the previous month.

These developments primarily reflected an increase in dishonored checks issued by accounts with a high aggregated value of dishonored checks.²

III. Analysis by Account Type

In June, the share of dishonored checks attributed to corporate accounts in terms of volume decreased by 0.68 percentage points from the previous month. The share of the value of dishonored checks attributed to corporate accounts increased by 5.73 percentage points month on month. The shares for personal accounts moved in the opposite direction by a similar magnitude.

Notes:

1. Check clearing activity typically peaks at the end of each month, referred to as “month-end peak day.” June had 2 such peak days, compared with 0 in the previous month.

2. Accounts with a high aggregated value of dishonored checks refer to those whose dishonored check values amount to NT$100 million or more.

3. The next press release is scheduled for August 27, 2026, at 4:20 PM.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: July 23, 2026                 

Financial Conditions (June 2026)

Monetary Aggregates   For the month of June 2026, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.42% and 0.45%, respectively. The annual growth rate of M1B decreased to 9.40% mainly because of slower growth in securities settlement deposits, whereas the annual growth rate of M2 increased to 8.13% mainly because of faster annual growth in foreign currency deposits. For the first six months of this year, the average annual growth rates of M1B and M2 were 7.96% and 6.46%, respectively.

Loans and Investments of Financial Institutions   At the end of June 2026, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.19%. Meanwhile, the annual growth rate decreased from 9.37% at the end of the previous month to 8.80% mainly because of slower growth in bank claims on the private sector and the government. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 7.32%, lower than the 7.80% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (July 2026) is scheduled for release at 16:20 on Aug. 24, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                          Release Date: July 23, 2026          

Auction Results of 20-Year Central Government Bonds (Issue Code A15107)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 20-Year Central Government Bonds (A15107) on July 23, 2026. The auction results are as follows:

• Issue Date                                                       July 28, 2026
• Maturity Date                                                  July 28, 2046
• Amount Offered                                              NT$20 billion
• Amount Issued                                                NT$20 billion
• Coupon Rate                                                 2.1250% per annum

(determined in increments of 0.125% at the closest rate below the highest accepted yield)

• Issue Price                                                      Calculated based on the highest accepted yield

• Competitive Bidding      

          Amount Offered                                          NT$19.9979 billion

          Amount Issued                                            NT$19.9979 billion

          Total Bids Tendered                                     NT$20.7500 billion

          Total Bids Accepted                                     NT$19.9979 billion

          Bid-to-Cover Ratio                                     1.04

          Lowest Accepted Yield                               1.7800% per annum

          Highest Accepted Yield                              2.2000% per annum

          Weighted Average Accepted Yield             1.9040% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

          Amount Offered                                          NT$0.0021 billion

          Amount Issued                                            NT$0.0021 billion

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                          Release Date: July 22, 2026                   

Taipei Foreign Exchange Market June 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,157.6 billion in June 2026. The average daily turnover was US$55.1 billion.

1.By trading counterparty: (USD billions)

2.By trading currency:(USD billions)

3.By transaction type:(USD billions)

4.By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In June 2026, the turnovers of interest rate swaps and interest rate options were US$15.8 billion and US$4.8 billion, respectively.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                               Release Date: July 22, 2026                

Average Rate on New Loans of  Five Major Banks (June 2026)

For the month of June 2026, the weighted average interest rate on new loans extended by the five major domestic banks (Bank of Taiwan, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Commercial Bank, and Land Bank of Taiwan) decreased by 0.053 percentage points from 2.208% in the previous month to 2.155% owing to decreases in the interest rates across all loan categories.

As the five major domestic banks recorded no Treasury borrowings in June, the weighted average interest rate on new loans extended by the five major banks excluding Treasury borrowings was the same at 2.155%, also down by 0.053 percentage points from 2.208% in the previous month.

Note:  The next Average Rate on New Loans of  Five Major Banks (July 2026) is scheduled for release at 16:20 on August 21 2026.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                   Release Date: July 15, 2026                                

Monthly Overview of RMB Business Conducted by Banks （June 2026）

   As of June 30, 2026, there were 65 authorized banks (DBUs) and 56 offshore banking units (OBUs) conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in June 2026 was RMB 434 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                          Release Date: July 14, 2026          

Auction Results of 2-Year Central Government Bonds (Issue Code A15203)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 2-Year Central Government Bonds (A15203) on July 14, 2026. The auction results are as follows:

• Issue Date                                                       July 17, 2026
• Maturity Date                                                  July 17, 2028
• Amount Offered                                              NT$20 billion
• Amount Issued                                                NT$12.2005 billion
• Coupon Rate                                                 1.5000% per annum

(determined in increments of 0.125% at the closest rate below the highest accepted yield)

• Issue Price                                                      Calculated based on the highest accepted yield

• Competitive Bidding      

          Amount Offered                                          NT$19.9995 billion

          Amount Issued                                            NT$12.2000 billion

          Total Bids Tendered                                    NT$26.9500 billion

          Total Bids Accepted                                    NT$12.2000 billion

          Bid-to-Cover Ratio                                     1.35

          Lowest Accepted Yield                               1.3500% per annum

          Highest Accepted Yield                              1.6000% per annum

          Weighted Average Accepted Yield              1.5680% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

          Amount Offered                                          NT$0.0005 billion

          Amount Issued                                            NT$0.0005 billion

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                 Release Date: July 13, 2026                      

Approved foreign exchange business in June 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. Chubb Life Insurance Taiwan Company to engage in wealth management business involving foreign exchange.
2. One branch of CTBC Bank to operate the foreign exchange business. As of the end of  June 2026, there were 3,451 authorized banks, including 3,411 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                               Release Date: July 13, 2026            

Reserve Money (June 2026)

For the month of June 2026, the daily average balance of reserve money was NT$7,554.1 billion, a decrease of NT$50.7 billion from the previous month. Of the components, currency in circulation decreased by NT$34.6 billion, while reserves deposited with the Bank decreased by NT$16.1 billion.

For the sources of change in reserve money, there were a number of expansionary factors, including a net decrease in NCDs issued by the Bank, interest payments on government bonds, repayment of Treasury bills and government borrowings, and the disbursement of various subsidies and centrally-funded tax revenues. However, these effects were more than offset by contractionary factors such as tax remittances to the National Treasury and the issuance of government bonds. As a result, the daily average balance of reserve money decreased from the previous month.

The annual growth rate of the daily average balance of reserve money decreased by 1.17 percentage points from 8.80% in the previous month to 7.63%. For the first six months of the year, the annual growth rate of the daily average balance of reserve money was 7.19%, higher than 5.93% in the same period last year.

Note: The next Reserve Money (July 2026) is scheduled for release at 16:20 on August 11, 2026.

Central Bank of the Republic of China (Taiwan)

Press Release                                                                         Release Date: July 7, 2026                                    

Summary of Interbank Call Loan and Commercial Paper Markets (June 2026)

1. Interbank Call Loan MarketInterbank Overnight Call Loan Rates

For the month of June 2026, the interbank overnight call loan rates ranged from 0.814% to 0.828%, while the weighted average rate stood at 0.823%, edging down by 0.002 percentage points from the previous month (Table 1).

2. Turnover

For the month of June 2026, the total turnover in the interbank call loan market amounted to NT$2,537.6 billion, representing an increase of NT$122.8 billion or 5.09% from the previous month. The average daily turnover stood at NT$120.8 billion, a month-on-month increase of NT$0.1 billion or 0.08% (Table 2).

3. Outstanding Balance

For the month of June 2026, the daily average outstanding balance of interbank call loans stood at NT$513.3 billion, representing an increase of NT$20.9 billion or 4.24% from the previous month (Table 2).

(1)By borrower, domestic banks accounted for the dominant share of 51.9%, followed by bills finance companies, local branch of foreign and Mainland Chinese banks, and Chunghwa Post Co., with shares of 29.49%, 18.53%, and 0.08%, respectively (Table 3).

(2)By lender, domestic banks held the largest share of 76.78%, followed by Chunghwa Post Co., local branches of foreign and Mainland Chinese banks, and bills finance companies, with shares of 13.44%, 9.53%, and 0.25%, respectively (Table 3).

2. Commercial Paper Market

       1.Primary Market

(1)Rates

For the month of June 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.80% to 2.05%. The preliminary monthly average rate stood at 1.95%, edging up by 0.13 percentage points from the previous month (Table 1).

(2)Issuance

At the end of June 2026, the outstanding amount of short-term bills issued through the TDCC Bills Clearing and Settlement System stood at NT$4,253.8 billion, a decrease of NT$94.6 billion or 2.18% from the previous month; of this total, commercial paper accounted for NT$4,093.7 billion, a decrease of NT$56.1 billion or 1.35% from the previous month (Table 4).

2. Secondary Market

(1)Rates

For the month of June 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.561% to 1.847%. The preliminary monthly average rate stood at 1.70%, edging up by 0.24 percentage points from the previous month (Table 1).

(2)Turnover

For the month of June 2026, the total turnover in short-term bills traded through the TDCC Bills Clearing and Settlement System stood at NT$5,482.6 billion, an increase of NT$199.8 billion or 3.78% from the previous month; of this total, commercial paper turnover reached NT$5,086.5 billion, an increase of NT$183.1 billion or 3.73% from the previous month (Table 4).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                             Release Date: July 6, 2026                               

Foreign Exchange Reserves as of the End of June 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$597.15 billion as of the end of June 2026, showing a decrease of US$7.92 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in June 2026 are:

1.Returns from foreign exchange reserves management.

2.Exchange rate movements of other reserve currencies against the USD.

3.The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of June 2026 reached US$1,888.5 billion, equivalent to 316% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on August 5, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

The Post-Meeting Press Conference Presentation for the 2026 Q2 Board Meeting of the CBC, held on June 18, 2026, is published（see Attachment）.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                                Release Date: June 30, 2026

Statistics on Banks’ Derivatives Trading Activity (May 2026)

Turnover of derivatives contracts, in notional terms, traded by banks in May 2026 totaled NT$21,635.8 billion (Table 1, Figure 1), led by foreign exchange contracts (NT$17,780.6 billion), followed by interest rate contracts (NT$3,597.5 billion), equity-linked contracts (NT$232.8 billion), commodity contracts (NT$20.4 billion), and credit contracts (NT$4.5 billion). Total turnover decreased by 3.30% from the previous month, primarily reflecting a decline in FX swap turnover (Table 2). The analysis is provided as follows:

● By Risk Category

Foreign exchange contracts comprised the largest share at 82.18%, followed by interest rate contracts at 16.63%. The share of equity-linked contracts was a modest 1.08%, while those of commodity and credit contracts were 0.09% and 0.02%, respectively (Table 1).

● By Trading Currency

Contracts involving the NTD accounted for 42.45% of the total, with a decrease of 10.53% month on month. Contracts between foreign currencies made up the remaining 57.55%, representing a month-on-month increase of 2.83% (Table 1).

● By Bank Type

Domestic banks accounted for 72.39% of the total, while local branches of foreign and Mainland Chinese banks represented 27.61%. Ranked by turnover, the top five banks, in descending order, were CTBC Bank, Cathay United Bank, Bank SinoPac, Standard Chartered Bank, and E.SUN Bank, which collectively represented 38.80% of the total.

● Changes in Turnover

Compared with the previous month, turnover of foreign exchange contracts dropped by NT$928.0 billion, or 4.96%, and that of interest rate contracts rose by NT$148.5 billion, or 4.30%. Over the same period, turnover of equity-linked contracts grew by NT$40.3 billion, or 20.95%, while that of credit contracts increased by NT$1.2 billion (Table 2).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                                Release Date: June 29, 2026                   

Liquid Reserves of Financial Institutions (May 2026)

1. For the month of May 2026, liabilities subject to liquid reserve requirements totaled NT$53,613.3 billion, of which deposits totaled NT$52,728.5 billion accounting for 98.35% of the total. Based on the statutory minimum liquid reserve ratio of 10%, the required liquid reserves amounted to NT$5,361.3 billion.

2. For the month of May 2026, actual liquid reserve assets totaled NT$13,569.1 billion, representing an increase of NT$291.7 billion from the previous month. By category, the primary components were as follows (Table 1):

(1) Certificates of deposit issued by the Bank amounted to NT$5,714.3 billion accounting for 42.11% of the total, an increase of NT$170.4 billion from the previous month.

(2) Government bonds stood at NT$2,359.3 billion accounting for 17.39% of the total, an increase of NT$8.5 billion from the previous month.

(3) Re-deposits at designated banks by financial institutions totaled NT$1,070.9 billion accounting for 7.89% of the total, an increase of NT$1.7 billion from the previous month.

3. For the month of May 2026, the actual liquid reserve ratio of financial institutions was 25.31%, representing an increase of 0.19 percentage points from the previous month (Table 2).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                                Release Date: June 26, 2026

Overview of Dishonored Checks Due to Insufficient Funds (May 2026)

I. Check Clearing Volume and Value

In May, the number of checks cleared totaled 3.14 million, representing a month-on-month decrease of 18.94%. The total value of checks cleared amounted to NT$0.92 trillion, a month-on-month decrease of 8.17%.

These developments primarily reflected a decrease of 1 month-end peak day1 compared with the previous month, leading to a decrease in both the volume and value of checks cleared (see attached table).

II. Dishonored Checks Due to Insufficient Funds

In May, the gross number of dishonored checks due to insufficient funds totaled 2,401, accounting for 0.08% of the total number of checks cleared, the same as in the previous month.

The gross value of such dishonored checks amounted to NT$2.2 billion, accounting for 0.24% of the total value of checks cleared. This represented a decrease of 0.03 percentage points from the previous month.

These developments primarily reflected the rate of change in dishonored check values exceeded that of total clearing values.

III. Analysis by Account Type

In May, the share of dishonored checks attributed to corporate accounts in terms of volume decreased by 0.30 percentage points from the previous month. The share of the value of dishonored checks attributed to corporate accounts decreased by 9.41 percentage points month on month. The shares for personal accounts moved in the opposite direction by a similar magnitude.

Notes:1. Check clearing activity typically peaks at the end of each month, referred to as “month-end peak day.” May had no such peak days, compared with 1 in the previous month.
          2. The next press release is scheduled for July 27, 2026, at 4:20 PM.
 

PRESS RELEASE                                                     Release Date: June 25, 2026

Issuance and Auction Plan of CBC-Issued Certificates of Deposit (Q3 2026)

1. In view of recent liquidity conditions in the banking system and banks' asset allocation needs, the Bank will reduce the monthly auction amount of 364-day certificates of deposit (CDs) from NT$140 billion to NT$120 billion, effective July 2026. The monthly auction amount of 2-year CDs remains unchanged.

2. The Bank's plan of its CDs for the third quarter of 2026 is as follows. The information listed is subject to change; any modifications will be announced separately by the Bank.

July 2026

August 2026

September 2026

3. The Bank will re-announce the relevant auction information through the "CBC open market operations network system" at 8:45 a.m. on the respective auction dates.

4. Auction specifications are as follows:

• Auction method: Multiple-rate auction.
• Eligible counterparties: Banks, credit cooperatives, bills finance companies, and Chunghwa Post Co., Ltd.
• Maximum allocation: The total allocation for each bidder shall not exceed 30% of the total offering amount per auction.
• Other relevant matters shall be governed by the "Directions for Open Market Operations by the Central Bank of the Republic of China (Taiwan). "

5. The auction information of CDs for the fourth quarter of 2026 is tentatively scheduled for release on September 24, 2026.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                   Release Date: June 22, 2026                 

Taipei Foreign Exchange Market May 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$ 940.0 billion in May 2026. The average daily turnover was US$47.0 billion.

1. By trading counterparty:(USD billions)

2. By trading currency: (USD billions)

3. By transaction type:(USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In May 2026, the turnovers of interest rate swaps and interest rate options were US$10.8 billion and US$3.9 billion, respectively.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: June 18, 2026

Monetary Policy Decision of the Board Meeting (2026 Q2)

1. Global economic and financial conditions

Since the Board met in March this year, investment in artificial intelligence (AI) and related technologies has continued to expand, supporting further growth in global manufacturing activity. Nevertheless, the conflict in the Middle East has disrupted global energy supplies. With expectations of international crude oil and other commodity prices to remain elevated, pushing up global inflationary pressures and weighing on global demand, major international institutions have therefore revised their forecasts downward for the global economic growth rate this year while raising their projections of the global inflation rate. More recently, following the announcement of the preliminary agreement reached between the U.S. and Iran, crude oil prices have declined significantly.

In recent months, the European Central Bank has pivoted toward a policy rate hike, while the Bank of Japan has resumed raising policy rates. Although the U.S. Federal Reserve has kept its policy rate unchanged, it has signaled a turn towards tightening. The People's Bank of China has maintained its loose monetary policy stance. Meanwhile, recent market expectations of shifts in the monetary policy stance of major central banks, together with concerns over possible overvaluation of AI-related stocks, have heightened volatility in global financial markets.

Looking ahead, developments in the Middle East conflict, the future course of monetary policy among major central banks, the evolution of U.S. economic and trade policies, and the prospects for AI-related industries could add to uncertainties surrounding the global economic and financial outlook.

2. Domestic economic and financial conditions

1. With robust growth in exports and steady expansion in private investment on the back of strong demand for AI and other emerging technology applications, combined with a pickup in private consumption, the domestic economy performed significantly better than expected in the first quarter of this year and is projected to continue expanding at a remarkably solid pace in the second quarter. Regarding labor market conditions during the first four months of the year, the average unemployment rate declined year on year and the number of employed persons increased, alongside mild wage growth.

Looking ahead to the second half of the year, the ongoing broadening of the adoption of emerging technology applications are likely to sustain solid export growth and drive private investment momentum, while the improvement in private consumption growth would also likely continue. The Bank revised up its forecast for Taiwan's GDP growth rate to 9.45% (see Appendix Table 1 for the forecasts by major institutions).

2. For the first five months of the year, the annual growth rate of the consumer price index (CPI) averaged 1.52% and that of the core CPI (excluding vegetables, fruit, and energy items) averaged 1.96%.

In regard to the inflation outlook for the year as a whole, major foreign institutions have revised up their forecasts for this year's international oil prices. Meanwhile, domestic import prices have continued rising, and services inflation has shifted into an upturn. After taking into account the effect of the government's energy price stabilization measures, the Bank revised its all-year inflation forecasts slightly upward to 1.91% and 1.90% for the CPI and core CPI annual growth rates, respectively (see Appendix Table 2 for the forecasts by major institutions). Key drivers for future domestic inflation trends include international geopolitical risks and weather factors.

3. In recent months, both short- and long-term market interest rates drifted up, but domestic market liquidity remained ample. Excess reserves in the banking system averaged above NT$50 billion for the period from March to May this year.

Amid brisk trading in the local equity markets, retail investors have stepped up borrowing to finance their equity securities investment. Consequently, the balance of banks' loans to individuals for financial investment and financing provided to private securities, futures, and financial auxiliary industries has witnessed a sharp increase since the start of the year. Banks are advised to be attentive to credit expansion and risk management associated with these activities.

For the first five months of the year, the annual growth rate of the monetary aggregate M2 (measured on a daily average basis) averaged 6.12% and that of bank loans and investments averaged 7.94%, higher than their respective yearly averages of 4.54% and 6.66% registered in 2025.

3. The Board decided to keep the policy rates unchanged

At the meeting today, the Board considered the totality of information on the economic and financial conditions at home and abroad. With the domestic inflation outlook projected to remain moderate and the domestic economy expected to post solid growth, the Bank, taking a prudent approach to the uncertainty surrounding the global economic and financial outlook and the potential impact of the Middle East conflict on domestic prices and the economy, judged that a rate hold would help sustain sound economic and financial development on the whole.

The Board decided to keep the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 2%, 2.375%, and 4.25%, respectively.

Going forward, the Bank will closely monitor uncertainty factors such as the situation in the Middle East, the monetary policy paths of major central banks, the development of the AI ecosystem, changes in the U.S. economic and trade policies, and extreme weather, and their implications for Taiwan's economic activity and financial conditions. The Bank will adjust its monetary policy accordingly in a timely manner, as warranted to fulfill the statutory duties of maintaining financial and price stability and fostering economic development within the scope of the aforementioned objectives.

4. In March this year, the Bank introduced a moderate adjustment to the cap on the loan-to-value (LTV) ratio for a natural person's second housing loan. Thereafter, domestic banks have recorded a further increase in housing loans to non-homeowners as a share of total housing loans. Loans for urban renewal and reconstruction of unsafe and dilapidated housing have also been rising as a share of construction loans. Meanwhile, consumer expectations for housing price rises remain soft, housing market transactions have cooled, and the housing price uptrend has moderated.

The ratio of real estate lending to total lending of all banks (a measure of concentration of real estate lending) has further declined from the peak of 37.6% recorded at the end of June 2024 to 35.2% as of the end of May this year. In the meantime, the balance of real estate loans continued to build up, while other loan categories (i.e., total loans excluding real estate loans) saw a greater increase in their combined balance than that in the real estate loan balance, with significant expansion in equity investment-related lending.

The Bank's selective credit control measures were implemented to curb excessive concentration of bank credit on the real estate market and to help channel credit resources toward supporting productive economic activities. Going forward, the Bank will continue to review banks' internal quantitative management of aggregate real estate lending and monitor the allocation of credit resources to productive economic activities. Meanwhile, the Bank will also keep watch on potential impacts of real estate sector-related policies on the housing market, conduct rolling reviews of the effectiveness of the selective credit control measures, and adjust relevant measures as needed in order to promote financial stability and sound banking operations.

5. The NT dollar exchange rate is in principle determined by market forces. Nonetheless, when irregular forces (such as massive inflows/outflows of short-term capital) and seasonal factors lead to excess volatility or disorderly movements in the NT dollar exchange rate with adverse implications for economic and financial stability, the Bank will, consistent with its statutory duties, step in to maintain an orderly market.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: June 18, 2026 

Average Rate on New Loans of  Five Major Banks (May 2026)

For the month of May 2026, the weighted average interest rate on newly-extended loans of the five major domestic banks (Bank of Taiwan, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Commercial Bank, and Land Bank of Taiwan) increased by 0.002 percentage points from 2.206% in the previous month to 2.208%. This was because, while interest rates for consumer loans declined, those for all other loan categories increased.

As the five major domestic banks recorded no Treasury borrowings in May, the weighted average interest rate on newly-extended loans by the five major banks excluding Treasury borrowings was the same at 2.208%, also up by 0.002 percentage points from 2.206% in the previous month.

Note:  The next Average Rate on New Loans of  Five Major Banks (June 2026) is scheduled for release at 16:20 on July 22, 2026.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                               Release Date: June 18, 2025

Financial Conditions（May 2026）

Monetary Aggregates   For the month of May 2026, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 1.56% and 1.12%, respectively. The annual growth rates of M1B and M2 increased to 9.56% and 7.83%, respectively, mainly owing to faster annual growth in bank loans and investments. For the first five months of this year, the average annual growth rates of M1B and M2 were 7.67% and 6.12%, respectively.

Loans and Investments of Financial Institutions   At the end of May 2026, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.83%. Meanwhile, the annual growth rate increased from 8.61% at the end of the previous month to 9.36% mainly because of faster growth in bank claims on the private sector. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 7.68%, higher than the 7.07% registered at the end of the previous month.

Notes:

1. The next Financial Conditions（June 2026）is scheduled for release at 16:20 on July 23, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                 Release Date: June 15, 2026                           

Monthly Overview of RMB Business Conducted by Banks （May 2026）

   As of May 31, 2026, there were 65 authorized banks (DBUs) and 56 offshore banking units (OBUs) conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in May 2026 was RMB 312 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                        Release Date: June 15, 2026

Taiwan's International Investment Position (2025)

A country's international investment position is the balance sheet of the stock of residents' financial assets from and liabilities to the rest of the world.

At the end of 2025, Taiwan's total external assets stood at US$3,267.0 billion, increasing by US$275.7 billion or 9.2% compared to the end of 2024. This was mainly attributable to an increase in foreign securities held by residents and rising foreign securities prices.

Taiwan's total external liabilities was US$1,917.4 billion at the end of 2025, increasing by US$438.4 billion or 29.6% from the end of the previous year. This was mainly accounted for by valuation gains on nonresident holdings of local equities.

As of the end of 2025, Taiwan's international investment continued to record a net asset position of US$1,349.6 billion, decreasing by US$162.6 billion or 10.8% from the end of the previous year. Taiwan currently ranks as the 6th largest net creditor in the world.

Notes: 1. The next international investment position data will be released at 16:20 on June 15, 2027.

2. For the release schedule for the coming months, please visit the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                             Release Date: June 12, 2026                          

Approved foreign exchange business in May 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1.Taishin International Bank to issue foreign currency denominated negotiable certificates of deposit.

2.Bank SinoPac to engage in principal protected structured products composed of foreign currency interest rate swaps linked to foreign currency principals.

3.PCA Life Assurance to engage in wealth management business involving foreign exchange.

4.Fubon Securities to engage in principal protected structured products composed of foreign currency interest rate options linked to foreign currency principals.

5.One branch of one bank to operate the foreign exchange business. As of the end of  May 2026, there were 3,450 authorized banks, including 3,410 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                            Release Date: June 11, 2026             

Reserve Money (May 2026)

For the month of May 2026, the daily average balance of reserve money was NT$7,604.8 billion, an increase of NT$57.8 billion from the previous month. Of the components, currency in circulation decreased by NT$40.2 billion, whereas reserves deposited with the Bank increased by NT$98.0 billion.

For the sources of change in reserve money, there were a number of contractionary factors such as tax remittances to the Treasury, government borrowings, as well as the issuance of government bonds. However, these effects were more than offset by expansionary factors, including a net decrease in NCDs issued by the Bank, interest payments on government bonds, repayment of government debt, and the disbursement of various subsidies and centrally-funded tax revenues. As a result, the daily average balance of reserve money increased compared with the previous month.

The annual growth rate of the daily average balance of reserve money increased by 1.02 percentage points from 7.78% of the previous month to 8.80%. For the first five months of the year, the annual growth rate of daily average balance of reserve money was 7.10%, higher than 6.01% in the same period last year.

Note: The next Reserve Money (June 2026) is scheduled for release at 16:20 on July 10, 2026.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                           Release Date: June 9, 2026          

Auction Results of 10-Year Central Government Bonds (Issue Code A15106)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 10-Year Central Government Bonds (A15106) on June 9, 2026. The auction results are as follows:

• Issue Date                                                       June 12, 2026
• Maturity Date                                                  June 12, 2036
• Amount Offered                                              NT$25 billion
• Amount Issued                                                NT$25 billion
• Coupon Rate                                                 1.7500% per annum

(determined in increments of 0.125% at the closest rate below the highest accepted yield)

• Issue Price                                                      Calculated based on the highest accepted yield

• Competitive Bidding      

          Amount Offered                                          NT$24.9971 billion

          Amount Issued                                            NT$24.9971 billion

          Total Bids Tendered                                    NT$42.7500 billion

          Total Bids Accepted                                    NT$24.9971 billion

          Bid-to-Cover Ratio                                     1.71

          Lowest Accepted Yield                               1.6790% per annum

          Highest Accepted Yield                              1.7900% per annum

          Weighted Average Accepted Yield              1.7480% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

          Amount Offered                                          NT$0.0029 billion

          Amount Issued                                            NT$0.0029 billion

Press Release                                                                              Release Date: June 5, 2026

Summary of Interbank Call Loan and Commercial Paper Markets (May 2026)

I. Interbank Call Loan Market

1. Interbank Overnight Call Loan Rates

For the month of May 2026, the interbank overnight call loan rates ranged from 0.821% to 0.828%, while the weighted average rate stood at 0.825%, edging up by 0.002 percentage points from the previous month (Table 1).

2. Turnover

For the month of May 2026, the total turnover in the interbank call loan market amounted to NT$2,414.8 billion, representing an increase of NT$116.8 billion or 5.08% from the previous month. The average daily turnover stood at NT$120.7 billion, a month-on-month increase of NT$5.8 billion or 5.05% (Table 2).

3. Outstanding Balance

For the month of May 2026, the daily average outstanding balance of interbank call loans stood at NT$492.4 billion, representing an increase of NT$18.4 billion or 3.88% from the previous month (Table 2).

(1) By borrower, domestic banks accounted for the dominant share of 52.95%, followed by bills finance companies and local branches of foreign and Mainland Chinese banks, with shares of 27.86% and 19.19%, respectively (Table 3).

(2)By lender, domestic banks held the largest share of 81.24%, followed by local branches of foreign and Mainland Chinese banks, Chunghwa Post Co., and bills finance companies, with shares of 11.78%, 6.76%, and 0.22%, respectively (Table 3).

II. Commercial Paper Market

1. Primary Market

(1) Rates

For the month of May 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.75% to 1.93%. The preliminary monthly average rate stood at 1.84%, edging up by 0.11 percentage points from the previous month (Table 1).

(2) Issuance

At the end of May 2026, the outstanding amount of short-term bills issued through the TDCC Bills Clearing and Settlement System stood at NT$4,348.4 billion, an increase of NT$44.9 billion or 1.04% from the previous month; of this total, commercial paper accounted for NT$4,149.8 billion, an increase of NT$76.2 billion or 1.87% from the previous month (Table 4).

2. Secondary Market

(1) Rates

For the month of May 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.520% to 1.642%. The preliminary monthly average rate stood at 1.59%, edging up by 0.17 percentage points from the previous month (Table 1).

(2) Turnover

For the month of May 2026, the total turnover in short-term bills traded through the TDCC Bills Clearing and Settlement System stood at NT$5,282.8 billion, a decrease of NT$31 billion or 0.58% from the previous month; of this total, commercial paper turnover reached NT$4,903.4 billion, a decrease of NT$2.4 billion or 0.05% from the previous month (Table 4).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                              Release Date: June 5, 2026

Foreign Exchange Reserves as of the End of May 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$605.07 billion as of the end of May 2026, showing an increase of US$2.58 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in May 2026 are:

1. Returns from foreign exchange reserves management.

2. Exchange rate movements of other reserve currencies against the USD.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of May 2026 reached US$1,895.6 billion, equivalent to 313% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on July 6, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

The selected issues from the Supplementary Materials for the 2026Q1 Post-Monetary Policy Meeting Press Conference have been published, as follows:

• Domestic Economic and Inflation Outlook
• Implementation Results and Review of the Bank’s Selective Credit Control Measures

(The relevant documents are attached below.)

Post-Meeting Press Conference Presentation (2026 Q1)

Post-Meeting Press Conference Presentation for the 2026 Q1 Board Meeting of the CBC, held on March 19, 2026, is published (see Attachment).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                                Release Date: May 29, 2026       

Statistics on Banks’ Derivatives Trading Activity (April 2026)

Turnover of derivatives contracts, in notional terms, traded by banks in April 2026 totaled NT$22,373.8 billion (Table 1, Figure 1), led by foreign exchange contracts (NT$18,708.6 billion), followed by interest rate contracts (NT$3,449.1 billion), equity-linked contracts (NT$192.5 billion), commodity contracts (NT$20.3 billion), and credit contracts (NT$3.3 billion). Total turnover decreased by 18.88% from the previous month, primarily reflecting a decline in interest rate swap turnover (Table 2). The analysis is provided as follows:  

• By Risk Category

Foreign exchange contracts comprised the largest share at 83.62%, followed by interest rate contracts at 15.42%. The share of equity-linked contracts was a modest 0.86%, while those of commodity and credit contracts were 0.09% and 0.01%, respectively (Table 1).

• By Trading Currency

Contracts involving the NTD accounted for 45.88% of the total, with a decrease of 20.89% month on month. Contracts between foreign currencies made up the remaining 54.12%, representing a month-on-month decline of 17.10% (Table 1).

• By Bank Type

Domestic banks accounted for 73.00% of the total, while local branches of foreign and Mainland Chinese banks represented 27.00%. Ranked by turnover, the top five banks, in descending order, were CTBC Bank, Cathay United Bank, Bank SinoPac, Standard Chartered Bank, and Taishin International Bank, which collectively represented 38.87% of the total.

• Changes in Turnover

Compared with the previous month, turnover of foreign exchange contracts dropped by NT$1,473.0 billion, or 7.30%, and that of interest rate contracts fell by NT$3,644.3 billion, or 51.38%. Over the same period, turnover of equity-linked contracts decreased by NT$91.4 billion, or 32.20%, while those of commodity and credit contracts grew by NT$0.2 billion and NT$1.0 billion, respectively (Table 2).

PRESS RELEASE                                                              Release Date: May 29, 2026                  

The Bank Releases Financial Stability Report 2026

1. The Central Bank of the Republic of China (Taiwan) has released its 20th issue of the Financial Stability Report, which summarizes developments in domestic and international economic and financial conditions from early 2025 to April 2026 and analyzes risks that could affect Taiwan’s financial system.
2. The main findings of the Report are as follows:

• Global and domestic macro-environments were mainly impacted by changes in U.S. trade policies and geopolitical conflicts

1. In 2025, despite the impact of U.S. tariff policies and international geopolitical conflicts, the global economy continued to grow steadily, and financial conditions shifted from tightening toward easing. Domestically, Taiwan experienced robust growth with the annual GDP growth rate reaching a nearly 15-year high, while inflation continued to trend downward. Overall revenues of listed continued to grow, with corporate financial structures remaining sound, although profitability diverged across major industries. Household debt burdens decreased slightly, while credit quality remained sound. As real estate market activity cooled, mortgage burdens eased marginally but still weighed on homebuyers.
2. Looking ahead to 2026, global economic growth is expected to slow and inflationary pressures may resurface amid geopolitical conflicts and shifts in U.S. trade policies. Taiwan’s economy is projected to continue growing steadily with moderate inflation.  Nevertheless, heightened uncertainty surrounding the global economic outlook and increased financial market volatility may affect the operational prospects of the domestic corporate sector, the debt-servicing capacity of households, and market dynamics in the real estate sector. Accordingly, close monitoring of these developments is warranted.

• Financial markets, institutions, and infrastructures in Taiwan continued to operate smoothly

1. Since early 2025, the outstanding amount of issuance and trading volume of bills and bonds have generally expanded. Stock indices have repeatedly hit record highs; however, market volatility and the risk of corrections should be monitored with caution. The NT dollar exchange rate against the US dollar experienced a short period of sharp appreciation, followed by a gradual depreciation and easing volatility. Overall, the foreign exchange market demonstrated dynamic stability.
2. In 2025, domestic banks continued to post record-high profits, supported by sound asset quality and adequate capital level. Life insurance companies experienced declines in both profits and average risk-based capital (RBC) ratios, while remaining exposed to higher market risks. Bills finance companies reported significant profit growth and sufficient capital levels, though their liquidity risks remained elevated. Meanwhile, major domestic payment systems continued to operate smoothly. Overall, Taiwan’s financial system remained stable.

• The Bank will continue to take timely and appropriate measures to promote financial stability

1. Since early 2025, the Bank has kept the policy rates unchanged and conducted open market operations to manage liquidity conditions within the banking system. In March 2026, the Bank appropriately adjusted selective credit control measures and continued to adopt a flexible exchange rate policy to foster financial stability. The Financial Supervisory Commission (FSC) also continued to update regulations to ensure the sound development of the financial system.
2. Looking ahead, uncertainties stemming from geopolitical conflicts, developments in U.S. trade policies, the monetary policy paths of major economies, weak domestic demand and overcapacity issues in China, as well as climate change risks, could adversely affect global economic development and financial stability, thereby posing risks to Taiwan’s financial system. The Bank will continue to closely monitor these developments and their potential impact on Taiwan’s economy and the financial system, taking timely and appropriate measures to safeguard domestic financial stability.

3. The full English version of this Financial Stability Report will be released by the end of August 2026. In the interim, the Executive Summary is provided in the attachment for readers’ reference.

PRESS RELEASE                                                     Release Date: May 28, 2026  

Liquid Reserves of Financial Institutions (April 2026)

PRESS RELEASE                                                                Release Date: May 27, 2026

Overview of Dishonored Checks Due to Insufficient Funds (April 2026)

I. Check Clearing Volume and Value

In April, the number of checks cleared totaled 3.88 million, representing a month-on-month decrease of 24.78%. The total value of checks cleared amounted to NT$1.01 trillion, a month-on-month decrease of 15.49%.

These developments primarily reflected a decrease of 2 business days and 1 month-end peak day¹ compared with the previous month, leading to a decrease in both the volume and value of checks cleared (see attached table).

II. Dishonored Checks Due to Insufficient Funds

In April, the gross number of dishonored checks due to insufficient funds totaled 3,062, accounting for 0.08% of the total number of checks cleared. This represented an increase of 0.01 percentage points from the previous month.

The gross value of such dishonored checks amounted to NT$2.8 billion, accounting for 0.27% of the total value of checks cleared. This represented a decrease of 0.07 percentage points from the previous month.

These developments primarily reflected a decrease in dishonored checks issued by accounts with a high aggregated value of dishonored checks.²

III. Analysis by Account Type

In April, the share of dishonored checks attributed to corporate accounts in terms of volume increased by 0.23 percentage points from the previous month. The share of the value of dishonored checks attributed to corporate accounts increased by 15.38 percentage points month on month. The shares for personal accounts moved in the opposite direction by a similar magnitude.

Notes:1. Check clearing activity typically peaks at the end of each month, referred to as “month-end
              peak day.” April had 1 such peak day, compared with 2 in the previous month.
          2. Accounts with a high aggregated value of dishonored checks refer to those whose dishonored
              check values amount to NT$100 million or more.
          3. The next press release is scheduled for June 26, 2026, at 4:20 PM.
 

Auction Results of 30-Year Central Government Bonds (Issue Code A15105)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 30-Year Central Government Bonds (A15105) on May 26, 2026. The auction results are as follows:

• Issue Date                                                       May 29, 2026
• Maturity Date                                                  May 29, 2056
• Amount Offered                                              NT$20 billion
• Amount Issued                                                NT$20 billion
• Coupon Rate                                                   1.8750% per annum

                                                                                   (determined in increments of 0.125% at the closest rate below the highest accepted yield)

• Issue Price                                                       Calculated based on the highest accepted yield

• Competitive Bidding      

          Amount Offered                                               NT$19.9999 billion

          Amount Issued                                                 NT$19.9999 billion

          Total Bids Tendered                                          NT$31 billion

          Total Bids Accepted                                          NT$19.9999 billion

          Bid-to-Cover Ratio                                           1.55

          Lowest Accepted Yield                                     1.6600% per annum

          Highest Accepted Yield                                    1.9000% per annum

          Weighted Average Accepted Yield                   1.8140% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

          Amount Offered                                                NT$0.0001 billion

          Amount Issued                                                  NT$0.0001 billion

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                         Release Date: May 22, 2026               

Taipei Foreign Exchange Market April 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$ 932.2 billion in April 2026. The average daily turnover was US$46.6 billion.

1. By trading counterparty:(USD billions)

2. By trading currency: (USD billions)

3. By transaction type:(USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In April 2026, the turnovers of interest rate swaps and interest rate options were US$9.3 billion and US$4.4 billion, respectively.

PRESS RELEASE                                                     Release Date: May 22, 2026   

Financial Conditions (April 2026)

Monetary Aggregates   For the month of April 2026, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.21% and 0.62%, respectively. The annual growth rates of M1B and M2 increased to 8.25% and 6.45%, respectively, mainly owing to net capital inflows and faster annual growth in bank loans and investments. For the first four months of this year, the average annual growth rates of M1B and M2 were 7.19% and 5.70%, respectively.

Loans and Investments of Financial Institutions   At the end of April 2026, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 1.01%. Meanwhile, the annual growth rate increased from 7.64% at the end of the previous month to 8.61% mainly because of faster growth in bank claims on the private sector and  government enterprises. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 7.06%, higher than the 6.13% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (May 2026) is scheduled for release at 16:20 on June 18, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

PRESS RELEASE                                                     Release Date: May 21, 2026                

Average Rate on New Loans of  Five Major Banks (April 2026)

For the month of April 2026, the weighted average interest rate on newly-extended loans of the five major domestic banks (Bank of Taiwan, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Commercial Bank, and Land Bank of Taiwan) increased by 0.101 percentage points from 2.105% in the previous month to 2.206% owing to increases in the interest rates across all loan categories, especially current operation loans.

As the five major domestic banks did not undertake any Treasury borrowings in April, the weighted average interest rate on newly-extended loans by the five major banks excluding Treasury borrowings remained at 2.206%, representing an increase of 0.064 percentage points from 2.142% in the previous month.

Note:  The next Average Rate on New Loans of  Five Major Banks (May 2026) is scheduled for release at 16:20 on June 18, 2026.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                            Release Date: May 20, 2026

BALANCE OF PAYMENTS (Q1 2026)

For the first quarter of 2026, the overall balance of payments recorded a current account surplus of US$62.53 billion, a net asset increase of US$64.86 billion on the financial account, and a decrease of US$4.66 billion in the Bank's reserve assets.

1. Current Account

The current account surplus registered an increase of US$32.84 billion over the same quarter of the previous year.

1. The goods trade surplus rose by US$30.97 billion year on year to US$58.01 billion. This was mainly due to an expansion in exports underpinned by sustained strong business momentum in emerging technology applications.
2. The services account deficit widened by US$0.35 billion year on year to US$3.42 billion, mainly because of an increase in expenditures on travel.
3. Primary income surplus grew by US$2.36 billion year on year to US$9.22 billion, mainly reflecting an increase in residents' income from outward direct investment.
4. The secondary income deficit widened by US$0.14 billion year on year to US$1.27 billion, mainly owing to an increase in outward workers' remittances.

2. Financial Account

1. The direct investment account posted a net asset increase of US$7.37 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$10.01 billion and US$2.64 billion, respectively.
2. The portfolio investment account registered a net asset increase of US$41.51 billion. Of the components, residents' portfolio investment abroad exhibited a net increase of US$16.17 billion, mainly because the banking sector stepped up holdings of overseas debt securities and the private sector raised their holdings of overseas equity securities. Nonresidents' portfolio investment recorded a net decrease of US$25.34 billion, mainly because foreign investors reduced their holdings of Taiwanese equities.
3. The financial derivatives account displayed a net asset decrease of US$0.23 billion, mainly owing to a decrease in assets that reflected gains from the disposal of derivative financial instruments by other financial corporations.
4. The account of other investment registered a net asset increase of US$16.22 billion, mainly because of increases in overseas deposits of the private nonfinancial sector and in trade credit extended.

Notes: 1. The next balance of payments data will be released at 16:20 on August 20, 2026.

2. For the release schedule for the coming months, please visit the Advance Release Calendar on the Bank's website.

Monthly Overview of RMB Business Conducted by Banks （April 2026）

   As of April 30, 2026, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

 Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in April 2026 was RMB 388 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                          Release Date: May 14, 2026          

Auction Results of 2-Year Central Government Bonds (Reopening, Issue Code A15202R)

The Bank, on behalf of the Ministry of Finance, conducted an auction of 2-Year Central Government Bonds (Reopening, A15202R) on May 14, 2026. The auction results are as follows:

• Issue Date                                                       May 19, 2026
• Original Issue Date                                         April 17, 2026
• Maturity Date                                                  April 17, 2028
• Amount Offered                                              NT$30 billion
• Amount Issued                                                NT$22.8500 billion
• Coupon Rate                                                   1.2500% per annum
• Accrued Interest                                             NT$54,795 per NT$50 million par value
• Issue Price                                                       Calculated based on the highest accepted yield
• Competitive Bidding      

             Amount Offered                                          NT$30 billion

             Amount Issued                                            NT$22.8500 billion

             Total Bids Tendered                                    NT$31.0500 billion

             Total Bids Accepted                                    NT$22.8500 billion

             Bid-to-Cover Ratio                                     1.04

             Lowest Accepted Yield                               0.9900% per annum

             Highest Accepted Yield                              1.4000% per annum

             Weighted Average Accepted Yield              1.3740% per annum

• Agency Sales via Chunghwa Post Co., Ltd.

             Amount Offered                                          NT$0 billion

             Amount Issued                                            NT$0 billion

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                            Release Date:May 12, 2026                        

Approved foreign exchange business in April 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1.Reappointment of Mega International Commercial Bank as the settlement bank of foreign currencies other than USD, RMB, JPY and EUR.

2.Cathay United Bank to engage in non-principal protected structured products composed of foreign currency bond options linked to foreign currency principals.

3.One branch of one bank to operate the foreign exchange business. As of the end of  April 2026, there were 3,449 authorized banks, including 3,409 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: May 11, 2026                   

Reserve Money (April 2026)

For the month of April 2026, the daily average reserve money was NT$7,547.0 billion, an increase of NT$11.1 billion from the previous month. Of the components, currency in circulation decreased by NT$92.3 billion, whereas reserves deposited with the Bank increased by NT$103.4 billion.

For the sources of change in reserve money, April saw contractionary factors such as tax remittances to the Treasury, government borrowings, the issuance of government bonds and Treasury bills, as well as a net increase in NCDs issued by the Bank. However, these effects were more than offset by expansionary factors, including interest payments on government bonds, repayment of government debt, and the disbursement of various subsidies and centrally-funded tax revenues. As a result, the daily average level of reserve money increased compared with the previous month.

The annual growth rate of the daily average reserve money increased by 0.68 percentage points from 7.10% of the previous month to 7.78%. For the first four months of the year, the annual growth rate of daily average reserve money was 6.68%, higher than 6.20% in the same period last year.

Note: The next Reserve Money (May 2026) is scheduled for release at 16:20 on June 11, 2026.

Press Release                                                                              Release Date: May 8, 2026

Summary of Interbank Call Loan and Commercial Paper Markets (April 2026)

I. Interbank Call Loan Market

1. Interbank Overnight Call Loan Rates

For the month of April 2026, the interbank overnight call loan rates ranged from 0.815% to 0.827%, while the weighted average rate stood at 0.823%, remaining unchanged from the previous month (Appendix Table 1).

2. Turnover

For the month of April 2026, the total turnover in the interbank call loan market amounted to NT$2,298 billion, representing an increase of NT$75.1 billion or 3.38% from the previous month. The average daily turnover stood at NT$114.9 billion, a month-on-month increase of NT$13.9 billion or 13.76% (Appendix Table 2).

3. Outstanding Balance

For the month of April 2026, the daily average outstanding balance of interbank call loans stood at NT$474 billion, representing an increase of NT$35.9 billion or 8.19% from the previous month (Appendix Table 2).

(1) By borrower, domestic banks accounted for the dominant share of 56.14%, followed by bills finance companies, local branches of foreign and Mainland Chinese banks, and Chunghwa Post Co., with shares of 25.19%, 18.65%, and 0.02%, respectively (Appendix Table 3).

(2) By lender, domestic banks held the largest share of 82.36%, followed by local branches of foreign and Mainland Chinese banks, Chunghwa Post Co., and bills finance companies, with shares of 12.58%, 5.04%, and 0.02%, respectively (Appendix Table 3).

II. Commercial Paper Market

1. Primary Market

(1) Rates

For the month of April 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.69% to 1.86%. The preliminary monthly average rate stood at 1.76%, edging up by 0.06 percentage points from the previous month (Appendix Table 1).

(2) Issuance

At the end of April 2026, the outstanding amount of short-term bills issued through the TDCC Bills Clearing and Settlement System stood at NT$4,303.5 billion, an increase of NT$198 billion or 4.82% from the previous month; of this total, commercial paper accounted for NT$4,073.6 billion, an increase of NT$212.8 billion or 5.51% from the previous month (Appendix Table 4).

2. Secondary Market

(1) Rates

For the month of April 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.485% to 1.584%. The preliminary monthly average rate stood at 1.55%, edging up by 0.13 percentage points from the previous month (Appendix Table 1).

(2) Turnover

For the month of April 2026, the total turnover in short-term bills traded through the TDCC Bills Clearing and Settlement System stood at NT$5,313.8 billion, a decrease of NT$281 billion or 5.02% from the previous month; of this total, commercial paper turnover reached NT$4,905.8 billion, a decrease of NT$205.1 billion or 4.01% from the previous month (Appendix Table 4).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                              Release Date: May 7, 2026

The twenty-eighth Auction of Special Serial Number Banknotes

The Central Bank of the Republic of China (Taiwan) has appointed the Bank of Taiwan (BOT) to conduct an online auction of banknotes with special serial numbers in denominations of NT$100, NT$500 and NT$1000. A total of 6,281 banknotes are to be auctioned, which will be divided into 153 sets for bidding. The auction will be open for online bidding from May 21 to May 26, 2026.

For more information, please visit the BOT website.

Note: This auction is open to R.O.C. (Taiwan) citizens only.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                              Release Date: May 6, 2026

Foreign Exchange Reserves as of the End of April 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$602.49 billion as of the end of April 2026, showing an increase of US$5.60 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in April 2026 are:

1. Returns from foreign exchange reserves management.

2. Exchange rate movements of other reserve currencies against the USD.

3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

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Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of April 2026 reached US$1,614.9 billion, equivalent to 268% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on June 5, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: May 4, 2026

Statistics on Banks’Outstanding Notional Amounts of Derivatives (End of March 2026)

As of the end of March 2026, the outstanding notional amounts of derivatives traded by banks totaled NT$99,473.3 billion (Table 1, Figure 1), representing an increase of NT$4,690.4 billion, or 4.95%, compared to the end of December 2025. This growth was primarily attributable to an increase of NT$3,002.7 billion in OTC swap contracts (Table 2). The analysis of product composition is as follows:

● By Market Type

OTC contracts accounted for 99.80% of the total, while exchange-traded contracts accounted for 0.20%. Within the OTC market, swap contracts were the most prevalent at 54.10%, followed by forward contracts at 40.32%. Sold options and bought options accounted for 2.81% and 2.57%, respectively (Table 1).

● By Risk Category

Interest rate contracts comprised the largest share at 55.18%, followed by foreign exchange contracts at 44.65%. Equity-linked contracts represented only 0.12%, while credit and commodity contracts contributed minimal shares of 0.04% and 0.01%, respectively.

● By Transaction Purpose

Contracts held for trading purposes accounted for 99.23%, while those held for non-trading purposes represented 0.77% (Table 1).

● By Bank Type

Domestic banks accounted for 64.47% of the total, while local branches of foreign and Mainland Chinese banks accounted for 35.53%. The top five banks by outstanding balance were Standard Chartered Bank, BNP Paribas, CTBC Bank, Cathay United Bank, and Taipei Fubon Bank, which collectively represented 50.33% of the market total.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                                Release Date: April 30, 2026          

Statistics on Banks’ Derivatives Trading Activity (March 2026)

Turnover of derivatives contracts, in notional terms, traded by banks in March 2026 totaled NT$27,581.3 billion (Table 1, Figure 1), led by foreign exchange contracts (NT$20,181.6 billion), followed by interest rate contracts (NT$7,093.4 billion), equity-linked contracts (NT$283.9 billion), commodity contracts (NT$20.2 billion), and credit contracts (NT$2.2 billion). Total turnover increased by 73.00% from the previous month, primarily reflecting growth in FX swap and interest rate swap turnovers (Table 2). The analysis is provided as follows:  

• By Risk Category

Foreign exchange contracts comprised the largest share at 73.17%, followed by interest rate contracts at 25.72%. The share of equity-linked contracts was a modest 1.03%, while those of commodity and credit contracts were 0.07% and 0.01%, respectively (Table 1).

• By Trading Currency

Contracts involving the NTD accounted for 47.04% of the total, with an increase of 99.83% month on month. Contracts between foreign currencies made up the remaining 52.96%, representing a month-on-month increase of 54.57% (Table 1).

• By Bank Type

Domestic banks accounted for 74.17% of the total, while local branches of foreign and Mainland Chinese banks represented 25.83%. Ranked by turnover, the top five banks, in descending order, were Standard Chartered Bank, CTBC Bank, Cathay United Bank, Bank SinoPac, and Taipei Fubon Bank, which collectively represented 43.21% of the total.

• Changes in Turnover

Compared with the previous month, turnover of foreign exchange contracts grew by NT$6,627.5 billion, or 48.90%, and that of interest rate contracts rose by NT$4,890.0 billion, or 221.93%. Over the same period, turnover of equity-linked contracts increased by NT$110.4 billion, or 63.66%, while those of commodity and credit contracts rose by NT$9.4 billion and NT$1.3 billion, respectively (Table 2).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: April 30, 2026

Minutes of the Monetary Policy Meeting (2026Q1)

The Bank announces the release of the minutes of the Monetary Policy Meeting held on March 19, 2026 (see Attachment).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: April 28, 2026                 

Liquid Reserves of Financial Institutions (March 2026)

​1. For the month of March 2026, liabilities subject to liquid reserve requirements totaled NT$52,454.6 billion, of which deposits totaled NT$51,625.4 billion (accounting for 98.42% of the total). Based on the statutory minimum liquid reserve ratio of 10%, the required liquid reserves amounted to NT$5,245.5 billion.

2. For the month of March 2026, actual liquid reserve assets totaled NT$13,121.7 billion, representing a decrease of NT$175.0 billion from the previous month. By category, the primary components were as follows (see Appendix Table 1):

(1) Certificates of deposit issued by the Bank amounted to NT$5,570.6 billion (accounting for 42.45% of the total), a decrease of NT$183.6 billion from the previous month.

(2) Government bonds stood at NT$2,341.7 billion (accounting for 17.85% of the total), a decrease of NT$67.6 billion from the previous month.

(3) Re-deposits at designated banks by financial institutions totaled NT$1,072.4 billion (accounting for 8.17% of the total), an increase of NT$0.3 billion from the previous month.

3. For the month of March 2026, the actual liquid reserve ratio of financial institutions was 25.02%, representing a decrease of 0.51 percentage points from the previous month (see Appendix Table 2).

Central Bank of the Republic of China (Taiwan)
PRESS RELEASE                                                                Release Date: April 27, 2026
Overview of Dishonored Checks Due to Insufficient Funds ( March, 2026)

I. Check Clearing Volume and Value
In March, the number of checks cleared totaled 5.16 million, representing a month-on-month increase of 39.17%. The total value of checks cleared amounted to NT$1.19 trillion, a month-on-month increase of 44.03%.

These developments primarily reflected an increase of 8 business days and 1 month-end peak days¹ compared with the previous month, leading to an increase in both the volume and value of check clearing (see attached table).

II. Dishonored Checks Due to Insufficient Funds
In March, the gross number of dishonored checks due to insufficient funds totaled 3,735, accounting for 0.07% of the total number of checks cleared. This represented an increase of 0.01 percentage points from the previous month.

The gross value of such dishonored checks amounted to NT$4.1 billion, accounting for 0.34% of the total value of checks cleared. This represented an increase of 0.06 percentage points from the previous month.

These developments primarily reflected Increases in dishonored checks associated with accounts with large dishonored-check amounts.²

III. Analysis by Account Type
In March, the share of dishonored checks attributed to corporate accounts in terms of volume increased by 0.11 percentage points from the previous month. The share of dishonored check values attributed to corporate accounts decreased by 13.82 percentage points month on month. The shares for personal accounts moved in the opposite direction by a similar magnitude.

Notes:1. Check clearing activity typically peaks at the end of each month, referred to as “month-end
              peak days.” March had 2 such peak days, compared with 1 in the previous month.
          2. Accounts with large dishonored-check amounts refer to those whose dishonored check values
              amounts to NT$100 million or more.
          3. The next press release is scheduled for May 27, 2026, at 4:20 PM.
 

PRESS RELEASE                                                     Release Date: April 23, 2026      

Financial Conditions (March 2026)

Monetary Aggregates   For the month of March 2026, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.23% and 0.46%, respectively. The annual growth rates of M1B and M2 increased to 7.83% and 5.79%, respectively, mainly owing to faster annual growth in bank loans and investments. For the first three months of this year, the average annual growth rates of M1B and M2 were 6.84% and 5.44%, respectively.

Loans and Investments of Financial Institutions   At the end of March 2026, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.85%. Meanwhile, the annual growth rate increased from 7.36% at the end of the previous month to 7.64% mainly because of faster growth in bank claims on the private sector and  government enterprises. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.13%, higher than the 5.92% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (April 2026) is scheduled for release at 16:20 on May 22, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: April 22, 2026               

Average Rate on New Loans of  Five Major Banks (March 2026)

For the month of March 2026, the weighted average interest rate on newly-extended loans of the five major domestic banks (Bank of Taiwan, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan) increased by 0.019 percentage points from 2.086% in the previous month to 2.105%, owing to an increase in the interest rate on Current Operations loans. Excluding Treasury borrowings, the weighted average interest rate on newly-extended loans decreased from 2.189% in the previous month to 2.142%, down by 0.047 percentage points.

Note:  The next Average Rate on New Loans of  Five Major Banks (April 2026) is scheduled for release at 16:20 on May 21, 2026.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                        Release Date: April 22, 2026                  

Taipei Foreign Exchange Market March 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,011.1 billion in March 2026. The average daily turnover was US$46.0 billion.

1. By trading counterparty:(USD billions)

2. By trading currency:(USD billions)

3. By transaction type:(USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In March 2026, the turnovers of interest rate swaps and interest rate options were US$14.9 billion and US$1.6 billion, respectively.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                  Release Date: April 17, 2026                                   

Monthly Overview of RMB Business Conducted by Banks （March 2026）

   As of March 31, 2026, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in March 2026 was RMB 467 billion.
Note 2：The figures in the brackets were from the previous month.                                                            

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                          Release Date: April 13, 2026                           

Approved foreign exchange business in March 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1.Taiwan Business Bank to engage in foreign securities trading business provided such trading is neither an investment of proprietary funds nor done to meet hedging purposes.

2.As of the end of  March 2026, there were 3,448 authorized banks, including 3,408 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                           Release Date: April 10, 2026

Reserve Money (March 2026)

For the month of March 2026, the daily average reserve money was NT$7,535.9 billion, a decrease of NT$92.1 billion from the previous month. Of the components, currency in circulation decreased by NT$191.7 billion, whereas reserves deposited with the Bank increased by NT$99.6 billion.

For the sources of change in reserve money, March saw expansionary factors such as principal and interest payments on government bonds, repayment of government debt, the disbursement of various subsidies and centrally-funded tax revenues, and a net decrease in NCDs issued by the Bank. However, these effects were more than offset by contractionary factors, including tax remittances to the Treasury, government borrowings, as well as the issuance of government bonds and Treasury bills. As a result, the daily average level of reserve money decreased compared with the previous month.

The annual growth rate of the daily average reserve money decreased by 0.47 percentage points from 7.57% of the previous month to 7.10%. For the first three months of the year, the annual growth rate of daily average reserve money was 6.32%, lower than 6.43% in the same period last year.

Note: The next Reserve Money (April 2026) is scheduled for release at 16:20 on May 11, 2026.

Central Bank of the Republic of China (Taiwan)

Press Release                                                                                          Release Date: April 9, 2026

Summary of Interbank Call Loan and Commercial Paper Markets (March 2026)

I. Interbank Call Loan Market

1. Interbank Overnight Call Loan Rates

For the month of March 2026, the interbank overnight call loan rates ranged from 0.817% to 0.827%, while the weighted average rate stood at 0.823%, edging up by 0.004 percentage points from the previous month (Appendix Table 1).

2. Turnover

For the month of March 2026, the total turnover in the interbank call loan market amounted to NT$2,222.9 billion, representing an increase of NT$713.5 billion or 47.27% from the previous month. The average daily turnover stood at NT$101 billion, a month-on-month decrease of NT$6.8 billion or 6.31% (Appendix Table 2).

3. Outstanding Balance

For the month of March 2026, the daily average outstanding balance of interbank call loans stood at NT$438.1 billion, representing an increase of NT$12.5 billion or 2.94% from the previous month (Appendix Table 2).

(1) By borrower, domestic banks accounted for the dominant share of 54.44%, followed by bills finance companies, local branches of foreign and Mainland Chinese banks, and Chunghwa Post Co., with shares of 28.65%, 16.87%, and 0.04%, respectively (Appendix Table 3).

(2) By lender, domestic banks held the largest share of 73.45%, followed by local branches of foreign and Mainland Chinese banks, Chunghwa Post Co., and bills finance companies, with shares of 16.41%, 9.98%, and 0.16%, respectively (Appendix Table 3).

II. Commercial Paper Market

1. Primary Market

(1) Rates

For the month of March 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.68% to 1.81%. The preliminary monthly average rate stood at 1.74%, edging up by 0.07 percentage points from the previous month (Appendix Table 1).

(2) Issuance

At the end of March 2026, the outstanding amount of short-term bills issued through the TDCC Bills Clearing and Settlement System stood at NT$4,105.5 billion, a decrease of NT$21.1 billion or 0.51% from the previous month; of this total, commercial paper accounted for NT$3,860.8 billion, a decrease of NT$45.8 billion or 1.17% from the previous month (Appendix Table 4).

2. Secondary Market

(1) Rates

For the month of March 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.484% to 1.589%. The preliminary monthly average rate stood at 1.53%, edging up by 0.14 percentage points from the previous month (Appendix Table 1).

(2) Turnover

For the month of March 2026, the total turnover in short-term bills traded through the TDCC Bills Clearing and Settlement System stood at NT$5,594.8 billion, an increase of NT$1,721.9 billion or 44.46% from the previous month; of this total, commercial paper turnover reached NT$5,110.9 billion, an increase of NT$1,471 billion or 40.41% from the previous month (Appendix Table 4).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                             Release Date: April 7, 2026

Foreign Exchange Reserves as of the End of March 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$596.89 billion as of the end of March 2026, showing a decrease of US$8.60 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in March 2026 are:

1. Returns from foreign exchange reserves management.

2. Exchange rate movements of other reserve currencies against the USD.

3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of March 2026 reached US$1,259.3 billion, equivalent to 211% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on May 6, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                   Release Date: March 23, 2026            

Taipei Foreign Exchange Market February 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$ 755.6 billion in February 2026. The average daily turnover was US$54.0 billion.

1. By trading counterparty: (USD billions)

2. By trading currency:(USD billions)

3. By transaction type:(USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In February 2026, the turnovers of interest rate swaps and interest rate options were US$6.2 billion and US$3.9 billion, respectively.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: March 19, 2026

Monetary Policy Decision of the Board Meeting (2026Q1)

1. Global economic and financial conditions

Since the Board met in December last year, rising investment in artificial intelligence (AI) and related technologies has contributed to continued expansion in global manufacturing activity and sustained moderate growth in the global economy. With the recent outbreak of the conflict in the Middle East, international oil prices have surged, which could pose an upside risk to global inflation and dampen global demand. International institutions have therefore revised their forecasts downward for the global economic growth rate this year, while raising their projections of the global inflation rate.

In the year so far, the U.S. Federal Reserve, the European Central Bank, and the Bank of Japan have kept their policy rates on hold, while the People's Bank of China maintains a loose policy stance. The recent changes in U.S. tariff policies and developments in the Middle East conflict have induced greater volatility in global financial markets.

Looking ahead, geopolitical tensions in the Middle East and the evolution of U.S. economic and trade policies could disrupt global trade and investment activity. Meanwhile, the future paths of monetary policy adjustments by major central banks could shift international capital flows. These factors, along with the development in AI-related industries, could add to uncertainties surrounding the global economic and financial outlook.

2. Domestic economic and financial conditions

1. Developments since the beginning of this year pointed to robust export expansion and sustained private investment growth, bolstered by a continued boom in AI and other emerging technology applications. Meanwhile, a rebound in consumer confidence boosted private consumption. Regarding labor market conditions in recent months, the number of employed persons increased further, the unemployment rate continued trending down, and wage increased mildly.

For the economic outlook this year, it is likely that the proliferation of commercial applications of emerging technologies would continue to buttress Taiwan's export strength and drive up private investment, while private consumption growth is also expected to pick up. The Bank revised up its forecast for Taiwan's GDP growth rate to 7.28% (see Appendix Table 1 for the forecasts by major institutions).

2. For the first two months of the year, the annual growth rate of the consumer price index (CPI) averaged 1.23% and that of the core CPI (excluding vegetables, fruit, and energy items) averaged 1.93%, both indicating still moderate inflation.

For this year as a whole, the effect from price cuts in some commodities after the implementation of commodity tax reduction/exemption would likely continue and services prices are expected to maintain a gradual downtrend. However, the recent Middle East conflict has pushed up international crude oil and other commodity prices. The Bank, taking into account the government's efforts through the energy price stabilization mechanism, revised up its forecasts for this year's CPI and core CPI annual growth rates to 1.80% and 1.75%, respectively (see Appendix Table 2 for the forecasts by major institutions). Key drivers for future domestic inflation trends include international geopolitical risks and weather factors.

3. Domestic market liquidity remained ample, and both long- and short-term market interest rates fluctuated within a narrow range in recent months. Excess reserves in the banking system averaged around NT$56 billion for the first two months this year. For this period, the annual growth rate of the monetary aggregate M2 (measured on a daily average basis) averaged 5.27% and that of bank loans and investments averaged 7.04%.

3. The Board decided unanimously to keep the policy rates unchanged

At the meeting today, the Board considered the totality of information on the economic and financial conditions at home and abroad. The domestic inflation outlook was projected to remain moderate this year and the domestic economy was expected to post solid growth. Taking a prudent approach to the uncertainty surrounding the global economic and financial outlook and the potential impact of the Middle East conflict and U.S. economic and trade policies on domestic prices and the economy, the Board judged that a rate hold would help sustain sound economic and financial development on the whole.

The Board decided to keep the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 2%, 2.375%, and 4.25%, respectively.

Going forward, the Bank will closely monitor the implications of uncertainty factors – including geopolitical risks, the impact of U.S. economic and trade policies, the pace of monetary policy adjustments by major central banks, the development of AI-related industries, and extreme weather – for Taiwan's economic activity, financial conditions, and price trends. The Bank will adjust its monetary policy accordingly in a timely manner, as warranted to fulfill the statutory duties of maintaining financial and price stability and fostering economic development within the scope of the aforementioned objectives. 

4. The Board decided to adjust the selective credit control measures

In September 2024, the Bank made the seventh amendment to its selective credit control measures. Meanwhile, financial institutions continued with their respective internal quantitative management of aggregate real estate lending. With these efforts, the loan brackets under the credit controls have witnessed lower loan-to-value (LTV) ratios; consumer expectations for housing price rises have eased, housing market transactions have continued to cool down, and the annual growth rate of housing prices has come down. Data also show that housing loans granted by domestic banks to non-homeowners have continued to increase as a share of total housing loans. Loans for urban renewal and reconstruction of unsafe and dilapidated housing have also been rising as a share of construction loans.

The ratio of real estate lending to total lending of all banks (a measure of concentration of real estate lending) has declined from the peak of 37.6% recorded at the end of June 2024 to 36.0% as of the end of February this year. The annual growth rate of real estate loans of all banks has dropped from its end-September 2024 peak of 9.4% to 3.7% at the end of February this year. In particular, the annual growth rate of housing loans has decreased from a high of 11.3% at the end of September 2024 to 4.5% at the end of February 2026, and that of construction loans has also trended down to 1.5% at the end of this February. These data trends indicate an improvement in the previously-observed overflow of bank credit resources towards the real estate sector.  

In sum, the gradual manifestation of policy effectiveness has been observed and financial institutions have continued with enhanced management of credit risk associated with real estate lending. Consequently, speculative activity in the housing market has declined. In addition, the Bank took into account public petitions that natural persons' second housing loans might be taken out simply to meet the need for owner-occupant housing for their family or themselves. Therefore, the Bank decided to introduce moderate adjustments to the LTV ratio cap on a natural person's second housing loan, raising it from 50% to 60%. Accordingly, the Regulations Governing the Extension of Mortgage Loans by Financial Institutions will be amended, taking effect from March 20, 2026 (See Appendix).

Going forward, the Bank will continue to require financial institutions to submit data reports on real estate lending on a monthly basis and will also strengthen its efforts in targeted financial examinations, so as to ensure banks' compliance with the selective credit control measures and to monitor the status of their internal quantitative management of aggregate real estate lending. At the same time, the Bank will keep close watch on potential impacts of real estate sector-related policies on the housing market, conduct rolling reviews of the effectiveness of the selective credit control measures, and adjust relevant measures as needed in order to promote financial stability and sound banking operations.

5. The NT dollar exchange rate is in principle determined by market forces. Nonetheless, uncertainty from the recent Middle East conflict has heightened volatility in international financial markets, with potentially adverse implications for the domestic foreign exchange market and financial market stability. The Bank will closely monitor capital movements and, consistent with its statutory duties, step in to maintain an orderly market.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: March 19, 2026              

Financial Conditions (February 2026)

Monetary Aggregates   For the month of February 2026, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 1.49% and 0.99%, respectively. The annual growth rates of M1B and M2 increased to 7.12% and 5.38%, respectively, mainly owing to an increase in currency issuance because of the Lunar New Year holiday and faster annual growth in bank loans and investments. For the first two months of this year, the average annual growth rates of M1B and M2 were 6.35% and 5.27%, respectively.

Loans and Investments of Financial Institutions   At the end of February 2026, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 1.03%. Meanwhile, the annual growth rate increased from 6.71% at the end of the previous month to 7.37% mainly because of faster growth in bank claims on the private sector and the government. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 5.94%, higher than the 5.53% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (March 2026) is scheduled for release at 16:20 on April 23, 2026.

            2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                 Release Date: March 16, 2026                                        

Monthly Overview of RMB Business Conducted by Banks（February 2026）

   As of February 28, 2026, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in February 2026 was RMB 214 billion.
Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                        Release Date: March 12, 2026

Approved foreign exchange business in February 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. Australia and New Zealand Banking Group Taipei Branch to issue foreign currency denominated negotiable certificates of deposit.

2. Bank SinoPac to issue a callable dollar-denominated senior unsecured structured note linked to interest rate derivatives.

3. Taiwan Cooperative Bank to issue a callable dollar-denominated senior unsecured structured note linked to interest rate derivatives and a dollar-denominated senior unsecured structured note linked to interest rate derivatives.

4. As of the end of  February 2026, there were 3,448 authorized banks, including 3,408 domestic banks, 3 Mainland banks, and 37 foreign banks.

The selected issue from the Supplementary Materials for the 2025Q4 Post-Monetary Policy Meeting Press Conference is published as follows:

• Statement Regarding The Economist’s Piece “The Hidden Risks in Taiwan’s Boom” and Related Reports

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                         Release Date: March 6, 2026              

Taipei Foreign Exchange Market January 2026

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,042.3 billion in January 2026. The average daily turnover was US$49.6 billion.

1. By trading counterparty:(USD billions)

2. By trading currency:(USD billions)

3. By transaction type: (USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In January 2026, the turnovers of interest rate swaps and interest rate options were US$11.0 billion and US$3.3 billion, respectively.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                           Release Date: March 5, 2026               

Foreign Exchange Reserves as of the End of February 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$605.49 billion as of the end of February 2026, showing an increase of US$1.03 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in February 2026 are:

1. Returns from foreign exchange reserves management.
2. Exchange rate movements of other reserve currencies against the USD.
3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of February 2026 reached US$1,469.7 billion, equivalent to 243% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on April 7, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Financial Conditions (January 2026)

Monetary Aggregates   For the month of January 2026, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 2.03% and 1.05%, respectively. The annual growth rates of M1B and M2 increased to 5.59% and 5.16%, respectively, mainly because of faster annual growth in bank loans and investments.

Loans and Investments of Financial Institutions   At the end of January 2026, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 1.19%. Meanwhile, the annual growth rate increased from 6.23% at the end of the previous month to 6.71% mainly because of faster growth in bank claims on the private sector, the government, and government enterprises. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 5.43%, lower than the 6.07% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (February 2026) is scheduled for release at 16:20 on Mar. 19, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                 Release Date: February 26, 2026

BALANCE OF PAYMENTS (Q4 2025)

For the fourth quarter of 2025, the overall balance of payments registered a current account surplus of US$69.93 billion, a net asset increase of US$74.86 billion on the financial account, and a decrease of US$1.00 billion in the Bank's reserve assets.

1. Current Account

The current account surplus increased by US$36.02 billion over the same quarter of the previous year.

1. The goods trade surplus rose by US$37.90 billion year on year to US$63.64 billion. This was mainly due to export growth bolstered by sustained strong business momentum in AI and other emerging technologies.
2. The services account deficit widened by US$0.65 billion year on year to US$2.47 billion, mainly owing to a decrease in receipts from freight services by resident carriers and an increase in expenditures on travel.
3. The primary income surplus narrowed by US$0.76 billion year on year to US$10.59 billion, mainly because of an increase in outward payments for nonresidents' direct investment income.
4. The secondary income deficit widened by US$0.46 billion year on year to US$1.83 billion, mainly reflecting an increase in outward workers' remittances.

2. Financial Account

1. The direct investment account recorded a net asset increase of US$4.98 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$8.82 billion and US$3.84 billion, respectively.
2. The portfolio investment account recorded a net asset increase of US$30.11 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$15.02 billion mainly because the private sector raised their holdings of overseas equity securities and the banking sector also stepped up holdings of overseas debt securities. Nonresidents' portfolio investment recorded a net decrease of US$15.09 billion mainly because foreign investors reduced their holdings of Taiwanese equities.
3. The financial derivatives account posted a net asset decrease of US$0.50 billion, mainly owing to a decrease in assets that reflected gains from the disposal of derivative financial instruments by other financial corporations.
4. The account of other investment recorded a net asset increase of US$40.27 billion, mainly because of increases in trade credit extended and in overseas deposits of the private nonfinancial sector.

3. Overview of BOP (2025)

For the year of 2025, the overall balance of payments posted a current account surplus of US$181.14 billion, a net asset increase of US$157.16 billion on the financial account, and an increase of US$20.04 billion in the Bank's reserve assets.

Notes: 1. The next release of balance of payments data will be at 16:20 on May 20, 2026.

            2. For the release schedule for the coming months, please refer to the Advance Release Calendar on the Bank's website.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                 Release Date: February 23, 2026                                        

Monthly Overview of RMB Business Conducted by Banks（January 2026）

   As of January 31, 2026, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in January 2026 was RMB 423 billion.
Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                 Release Date: February 12, 2026                             

Approved foreign exchange business in January 2026

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. E.Sun Commercial Bank to issue foreign currency denominated negotiable certificates of deposit.
2. President Securities to engage in non-principal protected structured products composed of foreign currency equity options linked to foreign currency principals.
3. As of the end of January 2026, there were 3,448 authorized banks, including 3,408 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                       Release Date: February 5, 2026                           

Foreign Exchange Reserves as of the End of January 2026

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$604.46 billion as of the end of January 2026, showing an increase of US$1.90 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in January 2026 are:

1. Returns from foreign exchange reserves management.
2. Exchange rate movements of other reserve currencies against the USD.
3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of January 2026 reached US$1,297.8 billion, equivalent to 215% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on March 5, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: January 29, 2026

Minutes of the Monetary Policy Meeting (2025Q4)

The Bank announces the release of the minutes of the Monetary Policy Meeting held on December 18, 2025 (see Attachment).

PRESS RELEASE                                                     Release Date: January 23, 2026      

Financial Conditions (December 2025)

Monetary Aggregates   For the month of December 2025, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.39% and 0.35%, respectively. The annual growth rates of M1B and M2 decreased to 4.85% and 5.00%, respectively. The decline in the M2 growth rate was mainly because of net capital outflows. For the year of 2025, the average annual growth rates of M1B and M2 were 3.56% and 4.54%, respectively.

Loans and Investments of Financial Institutions   At the end of December 2025, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.84%. Meanwhile, the annual growth rate increased from 5.94% at the end of the previous month to 6.21% mainly because of faster growth in bank claims on the private sector and the government. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.06%, higher than the 5.89% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (January 2026) is scheduled for release at 16:20 on Feb. 26, 2026.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                      Release Date: January 22, 2026                   

Taipei Foreign Exchange Market December 2025

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$ 926.5 billion in December 2025. The average daily turnover was US$42.1 billion.

1. By trading counterparty:(USD billions)

2. By trading currency:(USD billions)

3. By transaction type:(USD billions)

4. By trading platform: (USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In December 2025, the turnovers of interest rate swaps and interest rate options were US$6.3 billion and US$1.4 billion, respectively.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                  Release Date: January 16, 2026                                         

Monthly Overview of RMB Business Conducted by Banks （December 2025）

   As of December 31, 2025, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in December 2025 was RMB 448 billion.
Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                        Release Date: January 13, 2026                          

Approved foreign exchange business in December 2025

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1.Bank of China Taipei Branch to issue foreign currency denominated negotiable certificates of deposit.

2.MUFG Bank Taipei Branch to engage in principal protected callable structured products composed of foreign currency interest rate swaps and foreign currency interest rate swaptions linked to foreign currency principals.

3.Taiwan Life Insurance to engage in wealth management business involving foreign exchange.

4.Uni-President Asset Management Corporation to conduct the foreign currency discretionary investment business.

5.Three branches of three banks to operate the foreign exchange business. As of the end of December 2025, there were 3,448 authorized banks, including 3,408 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                         Release Date: January 6, 2026

Foreign Exchange Reserves as of the End of December 2025

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$602.55 billion as of the end of December 2025, showing an increase of US$2.76 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in December 2025 are:

1. Returns from foreign exchange reserves management.

2. Exchange rate movements of other reserve currencies against the USD.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of December 2025 reached US$1,149.9 billion, equivalent to 191% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on February 5, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China (Taiwan)

 PRESS RELEASE                                             Release Date: January 6, 2026

The Issuance of the Chinese Zodiac Commemorative Coin Set for the Bing Wu Year of the Horse

The Central Bank of the Republic of China (Taiwan) will issue a coin set for the Bing Wu Year of the Horse, the tenth set of the third series of the Chinese Zodiac Commemorative Coin Set.

1. Sales Channels and Duration

The Bank has delegated the Bank of Taiwan (BOT) to conduct the sale of the coin sets both online and through its branch network. The public can place orders online starting at 10:00 a.m. on January 6 through to midnight on January 12, 2026, or purchase the coin sets in person at any BOT branch from January 29, 2026 onwards.

2. Sales Quantity and Price

A total of 90,000 coin sets will be offered at NT$2,450 each. 50,000 of the coin sets will be sold online and the remainder through the BOT branches. Each purchaser can place only one order online for up to five coin sets, or purchase the coin sets at any BOT branch on a first-come, first-served basis, limited to two sets per purchaser at a time.

3. Design

Each set consists of one silver coin weighing an ounce with a face value of NT$100, as well as one copper-alloy coin with a face value of NT$10. The obverse of the silver coin shows a partially gold-plated image of a pair of galloping horses. The reverse features an image of Taipei 101’s New Year fireworks, a renowned spectacle that attracts visitors from around the world. The image on the obverse of the copper-alloy coin is an artful arrangement of geometric shapes that forms the silhouette of a horse, while the reverse of the copper-alloy coin is colorized to display a vibrant image of hydrangea flowers.

4. Online Orders

Each purchaser can place only one order on the BOT designated online ordering platform. If the total number of online orders exceeds the online sales quota, a computer-generated random lottery will be conducted. The result will be announced on the BOT’s website before 2:00 p.m. on January 13, 2026. Payments must be made no later than 3:30 p.m. on January 19, 2026. Once the payment is made successfully, the coin set(s) can be collected from the BOT branch designated when the order was placed, within a month starting from January 29, 2026.

For more information about the online ordering process, please visit the BOT’s website listed above. For other information about the coin sets, please visit our official website or Virtual Money Museum website.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                   Release Date: December 22, 2025                 

Taipei Foreign Exchange Market November 2025

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$ 916.4 billion in November 2025. The average daily turnover was US$45.8 billion.

1. By trading counterparty:(USD billions)

2. By trading currency: (USD billions)

3. By transaction type:(USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In November 2025, the turnovers of interest rate swaps and interest rate options were US$12.4 billion and US$0.7 billion, respectively.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: December 18, 2025

Monetary Policy Decision of the Board Meeting (2025Q4)

1. Global economic and financial conditions

Since the Board met in September this year, with the development of artificial intelligence (AI) and other emerging technology applications, global manufacturing activity has continued to expand, and the global economy has experienced moderate growth. Meanwhile, the decline in international crude oil prices in recent months has pushed down global inflation further.

Major central banks have taken divergent monetary policy paths since September. The U.S. Federal Reserve has continued rate reductions, whereas the European Central Bank has held off on rate cuts. In the meantime, the Bank of Japan has yet to raise the policy rates, and the People's Bank of China has maintained an accommodative policy stance. Market expectations regarding the pace of monetary policy adjustments by major central banks, along with concerns about overvaluation in AI-related industries, have increased volatility in international financial markets.

Looking ahead, although major economies expand investment in emerging technologies and adopt expansionary fiscal policies, U.S. tariff measures may dampen global trade growth momentum. International institutions have therefore forecasted global economic growth to be slightly lower in 2026 than in 2025, with global inflation projected to continue easing. A string of factors such as the prospects for AI-related industries, the future course of U.S. economic and trade policies, slower growth momentum for China's economy, monetary policy actions of major central banks, as well as geopolitical conflicts and climate change, could increase uncertainties surrounding the global economic and financial outlook.

2. Domestic economic and financial conditions

1. The domestic economy performed better than expected in the first three quarters of the year, expanding by 7.18% over the same period a year ago. In recent months, as strong demand for AI and other emerging technology applications continued to provide a boost, exports rose significantly and private investment further increased. Private consumption growth also rebounded. For the year as a whole, the GDP growth rate was forecasted by the Bank to register 7.31% (see Appendix Table 1 for the forecasts by major institutions). Regarding labor market conditions in recent months, the number of employed persons increased, the unemployment rate dropped, and wage growth picked up mildly.

Looking ahead to next year, against the background of persistent growth in demand for emerging technology applications and slower expansion in global trade as expected by international institutions, coupled with a higher base effect, Taiwan's exports and private investment were expected to experience moderate growth momentum. Meanwhile, private consumption would likely trend upwards. Overall, the GDP growth rate was projected by the Bank to remain solid at 3.67% next year.

2. For the period since September this year, the annual growth rate of the consumer price index (CPI) trended downwards, reflecting the exemption or reduction of commodity taxes for a number of goods as well as the gradual stabilization in food prices such as fruit and vegetables. For the first eleven months of the year, the annual growth rate of the CPI averaged 1.69% and that of the core CPI (excluding vegetables, fruit, and energy items) averaged 1.64%. The Bank forecasted the CPI and the core CPI annual growth rates to register 1.66% and 1.65%, respectively, in 2025 (see Appendix Table 2 for the forecasts by major institutions), lower than the 2.18% and 1.88% recorded in 2024.

Looking ahead to next year, global oil prices were projected by international institutions to run below the level of this year, the aforementioned price-cutting effect from the partial commodity tax exemption/reduction was expected to continue, and domestic services inflation would also likely to maintain a gradual downtrend. The Bank therefore forecasted the CPI and the core CPI annual growth rates to both register 1.63% next year. Key drivers for future domestic inflation trends include international commodity prices, domestic services prices, and weather factors.

3. Domestic market liquidity remained ample, and both long- and short-term market interest rates fluctuated within a narrow range in recent months. Excess reserves in the banking system averaged slightly above NT$45 billion in the period of September to November this year. For the first eleven months of the year, the average annual growth rate of the monetary aggregate M2 (measured on a daily average basis) was 4.50% and that of bank loans and investments was 6.70%.

3. The Board decided unanimously to keep the policy rates unchanged

At the meeting today, the Board considered the totality of information on the economic and financial conditions at home and abroad. The domestic inflation outlook was projected to be mild next year, with the inflation rate staying below 2%. The domestic economy was expected to post solid growth next year. Taking a prudent approach to the uncertainty surrounding the global economic and financial outlook and the potential influence of U.S. economic and trade policies on Taiwan's economy, the Board judged that a rate hold would help sustain sound economic and financial development on the whole.

The Board decided to keep the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 2%, 2.375%, and 4.25%, respectively.

Going forward, the Bank will closely monitor the implications of uncertainty factors – including the development of AI-related industries, the impact of the U.S. economic and trade policies, the risk of China experiencing weaker growth momentum, the pace of monetary policy adjustments by major central banks, geopolitical conflicts, and extreme weather – for Taiwan's economic activity, financial conditions, and price trends. The Bank will adjust its monetary policy accordingly in a timely manner as warranted to fulfill the statutory duties of maintaining financial and price stability and fostering economic development within the scope of the aforementioned objectives. 

4. The Bank adopted moral suasion in mid-August 2024 by asking banks to enhance internal quantitative control goals of aggregate real estate lending volumes over the coming year (2024Q4 - 2025Q4). The Bank then made the seventh amendment to its selective credit control measures in September 2024.

Since the imposition of these policy measures, the loan brackets under the credit controls have witnessed lower loan-to-value (LTV) ratios; consumer expectations for housing price rises have eased, housing market transactions have continued to cool down, and the housing price uptrend has slowed. Meanwhile, housing loans granted by domestic banks to non-homeowners have continued to increase as a share of total housing loans. Loans for urban renewal and reconstruction of unsafe and dilapidated housing have also been rising as a share of construction loans. Overall, the ratio of real estate lending to total lending of all banks (a measure of concentration of real estate lending) has gradually come down from the peak of 37.61% recorded at the end of June 2024 to 36.70% as of the end of November this year. The annual growth rates of real estate loans, housing loans, and construction loans of all banks have also trended down, standing at 3.79%, 4.81%, and 0.68%, respectively, at the end of November this year.

Looking at the implementation outcome in the past year, most banks have achieved their self-set quantitative control goals of aggregate real estate lending volumes, and data have shown improvements in all of the aforementioned indicators related to real estate lending. In this view, starting next year, banks may carry out quantitative controls at their own discretion but are required to submit related data reports to the Bank on a monthly basis. Through these reports and by continuing with targeted financial examinations, the Bank will keep watch on the evolving situations of banks' real estate lending and urge banks to ensure compliance with the selective credit control measures. In doing so, the Bank hopes to channel credit resources continuously towards uses aligned with government initiatives such as those in support of non-homeowner mortgage borrowers, urban renewal and reconstruction of unsafe and dilapidated homes, and social housing projects, and towards accommodating the funding needs of productive enterprises for real investment.

Meanwhile, the Bank will continue to conduct rolling reviews of the effectiveness of the selective credit control measures, closely monitor potential impacts of real estate sector-related policies on the housing market, and adjust relevant measures as needed in order to promote financial stability and sound banking operations.

5. The NT dollar exchange rate is in principle determined by market forces. Nonetheless, when irregular factors (such as massive inflows/outflows of short-term capital) and seasonal factors lead to excess volatility or disorderly movements in the NT dollar exchange rate with adverse implications for economic and financial stability, the Bank, in compliance with its statutory duties, will step in to maintain an orderly market.  

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                      Release Date: December 18, 2025  

Provisional Schedule of Monetary Policy Meetings for 2026

The Bank announces the provisional schedule of Monetary Policy Meetings for 2026:

March 19

June 18

September 17

December 17

A news conference will take place after each meeting.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date: December 18, 2025                    

Financial Conditions (November 2025)

Monetary Aggregates   For the month of November 2025, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were -0.21% and 0.40%, respectively. The annual growth rates of M1B and M2 increased to 4.94% and 5.11%, respectively. The rise in the M2 growth rate was mainly because of faster annual growth in passbook deposits and a smaller year-on-year decline in foreign currency deposits. For the first eleven months of this year, the average annual growth rates of M1B and M2 were 3.45% and 4.50%, respectively.

Loans and Investments of Financial Institutions   At the end of November 2025, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.22%. Meanwhile, the annual growth rate decreased from 5.98% at the end of the previous month to 5.93% mainly because of slower growth in bank claims on government enterprises and the government. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 5.86%, lower than the 6.13% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (December 2025) is scheduled for release at 16:20 on Jan. 23, 2026.

            2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                Release Date: December 15, 2025                                       

Monthly Overview of RMB Business Conducted by Banks（November 2025）

   As of November 30, 2025, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in November 2025 was RMB 413 billion.
Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                 Release Date: December 12, 2025

Approved foreign exchange business in November 2025

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. Yuanta Commercial Bank to issue a callable dollar-denominated senior unsecured structured note linked to interest rate derivatives.

2. As of the end of November 2025, there were 3,445 authorized banks, including 3,405 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                      Release Date: December 5, 2025                           

Foreign Exchange Reserves as of the End of November 2025

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$599.79 billion as of the end of November 2025, showing a decrease of US$0.41 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in November 2025 are:

1. Returns from foreign exchange reserves management.
2. Exchange rate movements of other reserve currencies against the USD.
3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of November 2025 reached US$1,089.9 billion, equivalent to 182% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on January 6, 2026;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                     Release Date:November 24, 2025           

Financial Conditions (October 2025)

Monetary Aggregates   For the month of October 2025, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were -0.15% and 0.05%, respectively. The annual growth rates of M1B and M2 decreased to 4.84% and 5.04%, respectively, mainly because of slower annual growth in bank loans and investments.  For the first ten months of this year, the average annual growth rates of M1B and M2 were 3.30% and 4.44%, respectively.

Loans and Investments of Financial Institutions   At the end of October 2025, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.33%. Meanwhile, the annual growth rate decreased from 6.02% at the end of the previous month to 5.97% mainly because of slower growth in bank claims on government enterprises, the government, and the private sector. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.12%, lower than the 6.22% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (November 2025) is scheduled for release at 16:20 on Dec. 18, 2025.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                   Release Date: 24 November, 2025                   

Taipei Foreign Exchange Market October 2025

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$ 972.0 billion in October 2025. The average daily turnover was US$48.6 billion.

1. By trading counterparty:(USD billions)

2. By trading currency: (USD billions)

3. By transaction type:(USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In October 2025, the turnovers of interest rate swaps and interest rate options were US$16.0 billion and US$1.5 billion, respectively.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                               Release Date: November 20, 2025

BALANCE OF PAYMENTS (Q3 2025)

For the third quarter of 2025, the overall balance of payments registered a current account surplus of US$45.84 billion, a net asset increase of US$36.92 billion on the financial account, and an increase of US$5.12 billion in the Bank's reserve assets.

1. Current Account

The current account surplus increased by US$20.76 billion over the same quarter of the previous year.

1. The goods trade surplus widened by US$21.90 billion year on year to US$49.83 billion. This was mainly due to an expansion in exports bolstered by sustained strong business momentum in AI and other emerging technologies, as well as rising demand driven by inventory build-up for new consumer electronics products.
2. The services account deficit widened by US$0.18 billion year on year to US$4.08 billion, mainly owing to an increase in travel expenditures and a decrease in receipts from freight services by resident carriers.
3. Primary income surplus rose by US$0.50 billion year on year to US$2.64 billion, mainly because of an increase in residents' income from outward direct investment.
4. The secondary income deficit widened by US$1.46 billion year on year to US$2.54 billion mainly reflecting an increase in outward workers' remittances.

2. Financial Account

1. The direct investment account recorded a net asset increase of US$9.10 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$9.92 billion and US$0.82 billion, respectively.
2. The portfolio investment account recorded a net asset increase of US$10.64 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$16.00 billion mainly because the private sector raised their holdings of overseas debt securities. Nonresidents' portfolio investment recorded a net increase of US$5.37 billion mainly because foreign investors stepped up their holdings of Taiwanese equities.
3. The financial derivatives account posted a net asset decrease of US$0.72 billion, mainly owing to a decrease in assets that reflected gains from the disposal of derivative financial instruments by other financial corporations.
4. The account of other investment recorded a net asset increase of US$17.91 billion, mainly because of increases in foreign deposits and trade credit and advances of the private nonfinancial sector.

3. Overview of BOP (Q1 – Q3, 2025)

For the first three quarters of 2025, the overall balance of payments posted a current account surplus of US$112.24 billion, a net asset increase of US$83.26 billion on the financial account, and an increase of US$21.03 billion in the Bank's reserve assets.

Notes: 1. The next release of balance of payments data will be at 16:20 on February 26, 2026.

            2. For the release schedule for the coming months, please refer to the Advance Release Calendar on the Bank's website.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                      Release Date: November 17, 2025                                      

Monthly Overview of RMB Business Conducted by Banks（October 2025）

   As of October 31, 2025, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in October 2025 was RMB 339 billion.

Note 2：The figures in the brackets were from the previous month.

PRESS RELEASE Release                                                 Date: November 14, 2025

Statement Regarding The Economist's Recent Piece ''The Hidden Risks in Taiwan’s boom''

Regarding the Nov. 14, 2025 article published by The Economist, claiming that based on its Big Mac Index, Taiwan's long-standing policy of keeping its currency weak has impaired Taiwan's purchasing power, pushed up housing prices, and stored up growing financial risks, the Bank offers the following clarification to avoid misinterpretations. 

1. Many factors affect exchange rate movements. In principle, exchange rates are determined by market dynamics of supply and demand and cannot be adequately measured by the price of a single product. With financial liberalization, cross-border capital movements have become a dominant factor behind changes in the New Taiwan Dollar (NTD) exchange rate.  

2. The Economist has in the past acknowledged that its Big Mac Index might not be the suitable indicator for currency valuation. 

(1) A single-product index is an inadequate measure for overall currency valuation. The Economist admitted in 2003¹ that its Big Mac Index ''is flawed,'' and even noted in 2006² that the Index has been ''widely used and abused around the globe.'' 

(2) Using other single-product indexes to assess whether a currency is over- or under-valued may yield drastically different results. For instance, in 2016, Nomura Holdings Inc. calculated the ''iPhone Index'' based on the prices of iPhones in different countries. Among the 23 global peers included in the comparison at that time, the US dollar was deemed the most severely undervalued currency,³ a conclusion that was notably different from the Big Mac Index. Furthermore, based on the latest iPhone prices, the NTD is still overvalued by 17.1% against the US dollar, which runs contrary to the Big Mac Index's assessment of a 55% undervaluation according to the aforementioned article.

3. Nowadays, supply and demand forces in forex markets are mainly associated with financial transactions. In the case of Taiwan, in 2024, the sum of financial account inflows and outflows by residents and nonresidents was approximately 19.3 times the amount of trade in goods. In this view, purchasing power parity (PPP), calculated solely on the basis of a basket of goods and services, is not a sufficient indicator for determining the equilibrium exchange rate. Therefore, it may not be deemed appropriate as a standard for assessing whether a currency is over- or under-valued, much less when using a single product to measure overall currency valuation. 

4. In light of the Big Mac Index's limitations as an adequate metric for the NTD’s reasonable valuation, the adverse outcomes attributed to an undervalued NTD by The Economist in its Nov. 14, 2025 article lack sufficient basis. Indeed, similar arguments have been raised externally in the past and we have addressed them through multiple press releases, explanatory notes, and supplementary materials of the post-Quarterly Board Meeting press conferences (listed in the Attachment).

5. Despite a widening in Taiwan's goods trade surplus with the United States in the year (2025) so far, the U.S. Treasury Department has never requested an NTD appreciation during multiple communications with the Bank regarding macroeconomic and exchange rate issues over this period.

Notes:

¹The Economist (2003), ''McCurrencies, '' The Economist, Apr. 24.

²The Economist (2006), ''McCurrencies, '' The Economist, May 25.

³Barton, Susanne (2016), ''Drop the Big Mac, Pick Up an iPhone to Divine Dollar’s Direction, '' Bloomberg, Jul. 26.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                 Release Date: November 12, 2025

Approved foreign exchange business in October 2025

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved Asia Bay Branch of E.Sun Commercial Bank to operate the foreign exchange business. As of the end of October 2025, there were 3,452 authorized banks, including 3,412 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                     Release Date: November 5, 2025                              

Foreign Exchange Reserves as of the End of October 2025

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$600.20 billion as of the end of October 2025, showing a decrease of US$2.74 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in October 2025 are:

1. Returns from foreign exchange reserves management.
2. Exchange rate movements of other reserve currencies against the USD.
3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of October 2025 reached US$1,153.7 billion, equivalent to 192% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on December 5, 2025;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: October 30, 2025

Minutes of the Monetary Policy Meeting (2025Q3)

The Bank announces the release of the minutes of the Monetary Policy Meeting held on September 18, 2025 (see Attachment).

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                                        Release Date: October 23, 2025           

Financial Conditions (September 2025)

Monetary Aggregates   For the month of September 2025, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.50% and 0.54%, respectively. The annual growth rate of M1B increased to 5.24%, while that of M2 rose to 5.44% mainly because  foreign capital shifted into net inflows. For the first nine months of this year, the average annual growth rates of M1B and M2 were 3.12% and 4.37%, respectively.

Loans and Investments of Financial Institutions   At the end of September 2025, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.42%. Meanwhile, the annual growth rate decreased from 6.59% at the end of the previous month to 6.01% mainly because of slower growth in bank claims on the private sector, government enterprises, and the government. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.21%, lower than the 6.78% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (October 2025) is scheduled for release at 16:20 on Nov. 24, 2025.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                      Release Date: October 22, 2025 

Taipei Foreign Exchange Market September 2025

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,056.6 billion in September 2025. The average daily turnover was US$50.3 billion.

1. By trading counterparty:(USD billions)

2. By trading currency:(USD billions)

3. By transaction type:(USD billions)

4. By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In September 2025, the turnovers of interest rate swaps and interest rate options were US$15.3 billion and US$1.4 billion, respectively.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                Release Date: October 17, 2025

Monthly Overview of RMB Business Conducted by Banks（September 2025）

As of September 30, 2025, there were 65 authorized banks （DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in September 2025 was RMB 500 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                       Release Date: October 16, 2025

The twenty-seventh Auction of Special Serial Number Banknotes

The Central Bank of the Republic of China (Taiwan) has appointed the Bank of Taiwan (BOT) to conduct an online auction of banknotes with special serial numbers in denominations of NT$100, NT$500 and NT$1000. A total of 6,160 banknotes are to be auctioned, which will be divided into 150 sets for bidding. The auction will be open for online bidding from October 30 to November 4, 2025.

For more information, please visit the BOT website.

Note: This auction is open to R.O.C. (Taiwan) citizens only.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                        Release Date: October 13, 2025

Approved foreign exchange business in September 2025

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. Shin Kong Life Insurance to engage in wealth management business involving foreign exchange.

2. China Construction Bank Taipei Branch to issue foreign currency denominated negotiable certificates of deposit.

3. Bank SinoPac to engage in foreign currency denominated collective investment trust account business.

4. One branch of one bank to operate the foreign exchange business. As of the end of September 2025, there were 3,451 authorized banks, including 3,411 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                         Release Date: October 7, 2025                               

Foreign Exchange Reserves as of the End of September 2025

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$602.94 billion as of the end of September 2025, showing an increase of US$5.51 billion from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in September 2025 are:

1. Returns from foreign exchange reserves management.
2. Exchange rate movements of other reserve currencies against the USD.
3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of September 2025 reached US$1,039.7 billion, equivalent to 172% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on November 5, 2025;

the advance release calendar can be accessed on our website at: Advance Release Calenda

Central Bank of the Republic of China ( Taiwan )

PRESS RELEASE                                   Release Date: September 22, 2025                   

Taipei Foreign Exchange Market August 2025

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,016.5 billion in August 2025. The average daily turnover was US$48.4 billion.

1.By trading counterparty:(USD billions)

2.By trading currency:(USD billions)

3.By transaction type:(USD billions)

4.By trading platform:(USD billions)

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In August 2025, the turnovers of interest rate swaps and interest rate options were US$11.6 billion and US$0.9 billion, respectively.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                  Release Date: September 18, 2025

Monetary Policy Decision of the Board Meeting (2025Q3)

1. Global economic and financial conditions

Since the Board met in June this year, with increased clarity on U.S. tariff policy, the impact of its related uncertainty on the world economy has somewhat eased, and global manufacturing activity has slightly recovered. International institutions revised upward the global economic growth forecast for this year, albeit still below the level of the previous year. Meanwhile, despite a recent modest rebound in international crude oil, grain, and other raw material prices, international institutions projected global inflation to continue to soften this year.

From June onwards, the monetary policy paths of major central banks diverged. The U.S. Federal Reserve resumed cutting rates, whereas the Bank of Japan maintained its pause on rate increases. In the meantime, the European Central Bank put rate reductions on hold, and the People's Bank of China continued with monetary easing measures. Market expectations regarding the pace of monetary policy adjustments by major central banks added to volatility in international financial markets.

Looking ahead, multiple factors such as the future course of U.S. tariff policy, monetary policy actions of major central banks, China's economic slowdown, as well as geopolitical conflicts and climate change, could increase uncertainties over the global economic and financial outlook. International institutions forecasted global economic growth to be slightly higher in 2026 than in 2025, with global inflation expected to ease further.

2. Domestic economic and financial conditions

1. The domestic economy performed better than expected in the first half of the year, with an annual growth rate of 6.75%. From July onwards, bolstered by continuous strong demand for artificial intelligence (AI) and other emerging technology applications, exports grew significantly and private investment also increased further, whereas private consumption showed slower growth. The Bank forecasted that while a high base effect would lead the economic growth rate to register 2.51% for the second half of this year, the economy would expand by 4.55% for the year as a whole (see Appendix Table 1 for the forecasts by major institutions). Regarding labor market conditions in recent months, the number of employed persons continued to rise, the unemployment rate declined year on year, and wage grew mildly. Nonetheless, the number of furloughed workers turned higher, mainly reflecting the U.S. tariff policy impact on some manufacturers.

Looking ahead to next year, despite the ongoing demand boom for emerging tech applications, Taiwan's exports and private investment were expected to grow at a slower pace as the U.S. tariffs may continue to weigh on global trade growth, coupled with a higher base effect. Meanwhile, private consumption would likely pick up. The Bank therefore projected the economy to expand moderately by 2.68% next year.

2. The annual growth rate of the consumer price index (CPI) rose back up in recent months as weather disruptions caused food prices such as fruit and vegetables to stay elevated. For the first eight months of the year, the annual growth rate of the CPI averaged 1.83% and that of the core CPI (excluding vegetables, fruit, and energy items) averaged 1.64%. Regarding the inflation outlook, the Bank expected inflationary pressures to be mild in the second half of the year and forecasted the CPI and the core CPI annual growth rates to register 1.75% and 1.67% in 2025, respectively (see Appendix Table 2 for the forecasts by major institutions), lower than the 2.18% and 1.88% recorded in 2024.

Looking ahead to next year, international institutions expected oil prices to run below the level of this year, and domestic services inflation would likely maintain a shallow downtrend. In this view, the Bank forecasted the CPI and the core CPI annual growth rates to further decline to 1.66% and 1.64% in 2026, respectively. Key drivers for future domestic inflation trends include international commodity prices, domestic services prices, and weather factors.

3. Domestic market liquidity remained ample, and both long- and short-term market interest rates fluctuated within a narrow range in recent months. Excess reserves in the banking system averaged close to NT$40 billion in the period of June to August this year. For the first eight months of the year, the average annual growth rate of the monetary aggregate M2 (measured on a daily average basis) was 4.24% and that of bank loans and investments was 6.99%.

3. The Board decided unanimously to keep the policy rates unchanged

At the meeting today, the Board considered the totality of information on the economic and financial conditions at home and abroad. The domestic inflation rate was projected to drop to below 2% this year and to continue to slow down next year. The domestic economy was expected to post solid growth this year and to expand at a moderate pace next year. Taking a prudent approach to the uncertainty surrounding the global economic outlook and the potential influence of U.S. economic and trade policies on Taiwan's economy, the Board judged that a rate hold would help sustain sound economic and financial development on the whole.

The Board decided to keep the discount rate, the rate on refinancing of secured loans, and the rate on temporary accommodations unchanged at 2%, 2.375%, and 4.25%, respectively.

Going forward, the Bank will closely monitor the implications of uncertainty factors – including the U.S. tariff policy impact, the pace of monetary policy adjustments by major central banks, China's economic downturn risk, geopolitical conflicts, and extreme weather – for Taiwan's economic activity, financial conditions, and price trends. The Bank will adjust its monetary policy accordingly in a timely manner as warranted to fulfill the statutory duties of maintaining financial and price stability and fostering economic development within the scope of the aforementioned objectives.

4. The Bank adopted moral suasion in mid-August 2024 by asking banks to enhance internal quantitative controls of aggregate real estate lending volumes over the coming year (2024Q4 - 2025Q4). The Bank then made the seventh amendment to its selective credit control measures in September 2024.

Since the imposition of these policies, the loan brackets under the credit controls have witnessed lower loan-to-value (LTV) ratios; consumer expectations for housing price rises have eased, housing market transactions have continued to cool down, and the housing price uptrend has slowed. Meanwhile, housing loans granted by domestic banks to non-homeowners have continued to increase as a share of total housing loans. Loans for urban renewal and reconstruction of unsafe and dilapidated housing have also been rising as a share of construction loans. Overall, the ratio of real estate lending to total lending of all banks (a measure of concentration of real estate lending) has gradually come down from the peak of 37.61% recorded at the end of June 2024 to 36.71% as of the end of August this year.

Going forward, the Bank will keep watch on concentration on real estate lending so as to channel credit resources towards accommodating the funding needs of productive enterprises for real investment, and towards uses aligned with government initiatives such as those in support of non-homeowner mortgage borrowers, urban renewal and reconstruction of unsafe and dilapidated homes, and social housing projects. Meanwhile, the Bank will review the effectiveness of the selective credit control measures, closely monitor potential impacts of real estate sector-related policies on the housing market, and adjust relevant measures as needed in order to promote financial stability and sound banking operations.

5. The NT dollar exchange rate is in principle determined by market forces. Nonetheless, when irregular factors (such as massive inflows/outflows of short-term capital) and seasonal factors lead to excess volatility or disorderly movements in the NT dollar exchange rate with adverse implications for economic and financial stability, the Bank, in compliance with its statutory duties, will step in to maintain an orderly market.  

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                    Release Date: September 18, 2025

Financial Conditions（August 2025）

Monetary Aggregates   For the month of August 2025, the monthly growth rates of the monetary aggregates M1B and M2（measured on a daily average basis）were 1.37% and 1.24%, respectively. The annual growth rates of M1B and M2 increased to 4.45% and 4.76%, respectively. The rise in the M2 growth rate was mainly because of faster annual growth in passbook savings deposits and a smaller year-on-year decline in foreign currency deposits. For the first eight months of this year, the average annual growth rates of M1B and M2 were 2.86% and 4.24%, respectively.

Loans and Investments of Financial Institutions   At the end of August 2025, the monthly growth rate of total outstanding loans and investments（measured on a cost basis）of monetary financial institutions was 0.60%. Meanwhile, the annual growth rate slightly decreased from 6.63% at the end of the previous month to 6.60% mainly because of slower growth in bank claims on the private sector and government enterprises. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.78%, higher than the 6.66% registered at the end of the previous month.

Notes:

1. The next Financial Conditions（September 2025）is scheduled for release at 16:20 on Oct. 23, 2025.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE              Release Date: September 15, 2025

Monthly Overview of RMB Business Conducted by Banks（August 2025）

As of August 31, 2025, there were 65 authorized banks（DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in August 2025 was RMB 452 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                 Release Date: September 12, 2025    

Approved foreign exchange business in August 2025

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. KGI Life Insurance to engage in wealth management business involving foreign exchange.
2. First Commercial Bank and Bank of Taiwan to issue foreign currency denominated negotiable certificates of deposit.
3. Bank SinoPac to engage in trust-type discretionary investment in foreign-currency denominated securities.
4. One branch of one bank to operate the foreign exchange business. As of the end of August 2025, there were 3,450 authorized banks, including 3,410 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                     Release Date: September 5, 2025                        

Foreign Exchange Reserves as of the End of August 2025

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$597.43 billion as of the end of August 2025, showing a decrease of US$439 million from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in August 2025 are:

1. Returns from foreign exchange reserves management.
2. Exchange rate movements of other reserve currencies against the USD.
3. The central bank stepped in to smooth out volatile capital flows to maintain an orderly foreign exchange market.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of August 2025 reached US$951.1 billion, equivalent to 159% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on October 7, 2025;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                      Release Date: August 22, 2025                      

Taipei Foreign Exchange Market July 2025

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$1,057.5 billion in July 2025. The average daily turnover was US$46.0 billion.

1. By trading counterparty: （USD billions）

2. By trading currency: （USD billions）

3. By transaction type: （USD billions）

4. By trading platform: （USD billions）

In addition to the above-mentioned foreign exchange transactions, other derivative products were also offered by banks. In July 2025, the turnovers of interest rate swaps and interest rate options were US$7.5 billion and US$0.9 billion, respectively.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                             Release Date: August 22, 2025

Financial Conditions（July 2025）

Monetary Aggregates   For the month of July 2025, the monthly growth rates of the monetary aggregates M1B and M2（measured on a daily average basis）were 1.20% and 0.58%, respectively. The annual growth rate of M1B increased to 2.86% mainly because of faster annual growth in passbook savings deposits, whereas the annual growth rate of M2 decreased to 3.42%, mainly reflecting deferred income tax payments, which caused the timing of tax receipts by the Treasury to differ from that of the previous year. For the first seven months of this year, the average annual growth rates of M1B and M2 were 2.63% and 4.16%, respectively.

Loans and Investments of Financial Institutions   At the end of July 2025, the monthly growth rate of total outstanding loans and investments（measured on a cost basis）of monetary financial institutions was 0.90%. Meanwhile, the annual growth rate decreased from 6.69% at the end of the previous month to 6.62% mainly because of slower growth in bank claims on the government and government enterprises. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.65%, lower than the 6.69% registered at the end of the previous month.

Notes: 1. The next Financial Conditions（August 2025）is scheduled for release at 16:20 on Sep. 18, 2025.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                        Release Date: August 20, 2025

BALANCE OF PAYMENTS（Q2 2025）

For the second quarter of 2025, the overall balance of payments registered a current account surplus of US$36.23 billion, a net asset increase of US$18.53 billion on the financial account, and an increase of US$16.00 billion in the Bank's reserve assets.

I. Current Account

The current account surplus recorded an increase of US$13.07 billion over the same quarter of the previous year.

1. The goods trade surplus rose by US$15.04 billion year on year to US$36.18 billion. This was mainly due to an expansion in exports, underpinned by rising demand for emerging technology applications and inventory front-loading by overseas firms.

2. The services account deficit widened by US$0.05 billion a year ago to US$4.27 billion, mainly because of an increase in construction expenditures.

3. Primary income surplus shrank by US$1.00 billion year on year to US$6.32 billion, mainly reflecting a decrease in residents' income from outward direct investment.

4. The secondary income deficit widened by US$0.91 billion to US$2.00 billion, mainly owing to an increase in workers' outward remittances.

II. Financial Account

1. The direct investment account posted a net asset increase of US$16.06 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$19.01 billion and US$2.95 billion, respectively.

2. The portfolio investment account registered a net asset decrease of US$20.9 billion. Of the components, residents' portfolio investment abroad exhibited a net decrease of US$7.00 billion, mainly because insurance companies reduced overseas debt securities holdings. Nonresidents' portfolio investment recorded a net increase of US$13.99 billion, mainly attributable to an increase in Taiwanese equity holdings by foreign investors.

3. The financial derivatives account displayed a net asset decrease of US$1.34 billion, mainly owing to a decrease in assets as other financial institutions received gains from disposal of financial derivatives.

4. The account of other investment registered a net asset increase of US$24.80 billion, mainly reflecting an increase in banks' deposits with overseas branches.

III. BOP Summary （Q1-Q2, 2025）

For the first two quarters of 2025, the overall balance of payments posted a current account surplus of US$65.99 billion, a net asset increase of US$46.20 billion on the financial account, and an increase of US$15.92 billion in the Bank's reserve assets.

Notes:

1. The next balance of payments data will be released at 16:20 on November 20, 2025.

2. For the release schedule for the coming months, please visit the Advance Release Calendar on the Bank's website.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                 Release Date: August 15, 2025                                       

Monthly Overview of RMB Business Conducted by Banks （July 2025）

   As of July 31, 2025, there were 65 authorized banks （DBUs） and 56 offshore banking units（OBUs）conducting the RMB business. The monthly overview is shown in the table below：

 RMB billion

Note 1：The amount of RMB settlements handled by the Taipei Branch of the Bank of China in July 2025 was RMB 445 billion.

Note 2：The figures in the brackets were from the previous month.

Central Bank of the Republic of China（Taiwan）

 PRESS RELEASE                                                      Release Date: August 12, 2025                        

Approved foreign exchange business in July 2025

In line with the policy of promoting the liberalization, internationalization, and development of the foreign exchange market, the Bank approved the following:

1. CTBC Bank to issue dollar-denominated senior unsecured structured notes linked to equity derivatives.
2. Hua Nan Commercial Bank to issue a callable dollar-denominated senior unsecured structured note linked to interest rate derivatives.
3. Fubon Life Insurance to engage in wealth management business involving foreign exchange.
4. Mega International Commercial Bank, Chang Hwa Commercial Bank, Taiwan Business Bank and Land Bank of Taiwan to issue foreign currency denominated negotiable certificates of deposit.
5. UBS AG Taipei Branch and Union Bank of Taiwan to engage in foreign securities trading business provided such trading is neither an investment of proprietary funds nor done to meet hedging purposes.
6. KGI Securities to engage in spot foreign exchange transactions related to the securities business.
7. Three branches of two banks to operate the foreign exchange business. As of the end of July 2025, there were 3,449 authorized banks, including 3,409 domestic banks, 3 Mainland banks, and 37 foreign banks.

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                          Release Date: August 5, 2025                                 

Foreign Exchange Reserves as of the End of July 2025

The foreign exchange reserves of the Republic of China (Taiwan) amounted to US$597.87 billion as of the end of July 2025, showing a decrease of US$563 million from the figure recorded at the end of the previous month.

The factors responsible for the change in the foreign exchange reserves in July 2025 are:

1. Returns from foreign exchange reserves management.
2. Exchange rate movements of other reserve currencies against the USD.

﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋﹋

Note: The market value of securities investment and the NTD deposits held by foreign portfolio investors at the end of July 2025 reached US$952.9 billion, equivalent to 159% of foreign exchange reserves.

Note: The next dissemination will be made at 16:20 on September 5, 2025;

the advance release calendar can be accessed on our website at: Advance Release Calendar

Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                          Release Date: July 31, 2025

Minutes of the Monetary Policy Meeting (2025Q2)

The Bank announces the release of the minutes of the Monetary Policy Meeting held on June 19, 2025 (see Attachment).

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                                                  Release Date: July 23, 2025

Financial Conditions（June 2025）

Monetary Aggregates   For the month of June 2025, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.57% and 0.17%, respectively. The annual growth rates of M1B and M2 increased to 2.44% and 3.45%, respectively, mainly because of faster annual growth in bank loans and investments. For the first six months of this year, the average annual growth rates of M1B and M2 were 2.59% and 4.29%, respectively.

Loans and Investments of Financial Institutions   At the end of June 2025, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.70%. Meanwhile, the annual growth rate increased from 5.89% at the end of the previous month to 6.67% mainly because of faster growth in bank claims on the government and  government enterprises. If loans and investments extended by life insurance companies and loans reclassified and written off by monetary financial institutions were taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.68%, higher than the 5.73% registered at the end of the previous month.

Notes:

1. The next Financial Conditions（July 2025）is scheduled for release at 16:20 on Aug. 22, 2025.

2. For the release schedule for the coming months, please check the Advance Release Calendar.

Central Bank of the Republic of China（Taiwan）

PRESS RELEASE                                         Release Date: July 22, 2025

Taipei Foreign Exchange Market June 2025

The Taipei foreign exchange market covers all foreign exchange transactions made by authorized foreign exchange banks and offshore banking units. After eliminating double counting arising from interbank transactions, total net trading volume in the market amounted to US$963.7 billion in June 2025. The average daily turnover was US$45.9 billion.

1. By trading counterparty:（USD billions）

2. By trading currency:（USD billions）