The gathering Monday was aimed at learning “more about the current financial conditions,” the Central Bank of the Republic of China (Taiwan) said in a statement issued late yesterday on its Web site. Central bank governor Perng Fai-nan, Financial Supervisory Commission Chairman Hu Sheng-cheng and Finance Minister Ho Chih-chin joined the meeting yesterday, the statement said.

The monetary authorities are hoping that banks would accept time deposits, giving residents an additional avenue to park their money in the island’s financial institutions. Taiwan’s residents are investing their money abroad to get better returns.

Meanwhile, the central bank will continue to issue certificates of deposits, via the open market operations, to absorb excess reserves, the statement said.

The central bank on June 5 urged banks not to reject time deposits. It said on May 30 Taiwan’s mutual funds should invest more in local stocks rather than sending their cash abroad.

The Taiwan dollar has dropped 0.5 percent against its U.S. counterpart this year as investors borrowed it to purchase higher-yielding currencies. The island’s benchmark interest rate of 3.125 percent is the lowest in Asia after Japan, making so- called carry trades attractive.

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