Central bank can double funds for SMEs, FSC saysReuters, TAIPEIThe central bank has pledged if required to double the amount of money earmarked to support small and medium-sized enterprises (SMEs) to deal with the impact of the COVID-19 pandemic, the Financial Supervisory Commission (FSC) said yesterday. Central bank Governor Yang Chin-long (楊金龍) last week said that more money would be made available if that was insufficient, although he did not give details, and said he had personally spoken to banks hoping they could help. Financial Supervisory Commission Chairman Wellington Koo speaks at a news conference at the Executive Yuan in Taipei yesterday. Photo: Peter Lo, Taipei Times“The central bank promised that it would offer another NT$200 billion if the initial funding was insufficient,” Financial Supervisory Commission Chairman Wellington Koo (顧立雄) said at a news conference in Taipei. The central bank on March 19 cut its full-year GDP growth forecast to 1.92 percent from a December forecast of 2.57 percent, although some banks expect the economy to shrink this year.

Source: Taipei Times April 06, 2020 15:56 UTC