TAIPEI (Reuters) – Taiwan’s central bank mentioned on Tuesday it had agreed to offer an additional T$100 billion ($3.44 billion) in financing for small and medium sized firms to assist them deal with the impression of the coronavirus pandemic, bringing the overall to T$300 billion.
The central bank in March made T$200 billion in financing out there for banks to present preferential loans to companies hit by the consequences of the coronavirus within the tourism, transport and different sectors.
Monetary establishments have prolonged T$170 billion in loans to SMEs since April 1, however the pandemic because it spreads globally remains to be inflicting working cash issues for some corporations, the bank mentioned in a press release.
Whereas Taiwan has the pandemic nicely underneath management due to early and efficient prevention work, with solely 23 energetic circumstances, it has largely closed off its borders to international guests, hammering the journey and tourism sector.
Nevertheless, Taiwan’s export-dependent economic system has general held up nicely due to demand for its tech merchandise like tablets because the pandemic forces hundreds of thousands to work at home across the globe.
The central bank this month revised up its development outlook for the 12 months.
Earlier on Tuesday, the federal government reported the August unemployment fee which fell for a 3rd month in a row, having spiked to a greater than six-year excessive in May.
Reporting by Liang-sa Loh; Writing by Ben Blanchard; modifying by Louise Heavens