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May 30, 2017

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Central bank governor likely to extend his tenure: officials

TAIPEI, Taiwan -- Central Bank of the Republic of China (Taiwan) Governor Perng Fai-nan (彭淮南) is highly likely to extend his tenure as head of the bank, high-ranking government officials said yesterday.

The governor will enter his fourth term Feb. 25 after the government decided that Vice Premier Jiang Yi-huah (江宜樺) will replace Sean Chen as Taiwan's premier.

According to the officials, President Ma Ying-jeou expects Perng to continue his term to secure the nation's market stability given his rich experience in monetary issues.

Central Bank Comments

The central bank said the governor at the same time also serves as the governor for Taiwan's Asian Development Bank and as governor for the R.O.C. Central American Bank for Economic Integration.

According to a source at the central bank, the government has not yet officially sent any formal notification regarding weather the governor is going to continue his term.

The source continued by saying that all internal operations at the central bank remain the same, and that the bank did not perform any internal evaluation on the extension of the governor's term.

Monetary Policies

Regarding the central bank's future monetary policy, due to the strong depreciation of the Japanese yen, the bank will generally avoid intervention in the nation's liberal market, but at the same time will demand the reduction of prices for imported Japanese products.

Regarding the extension of the governor's term, section chief Wang Shu-chuan (王淑娟) of the Directorate General of Budget, Accounting and Statistics (DGBAS ) and section chief with the Ministry of Economic Affairs (MOEA) Huang Hsien-lin (黃憲琳), said their respective departments would not make any comments regarding the governor's future.

Lin Lih-jen (林麗貞), a senior specialist of the Council for Economic Planning and Development (CEPD), said that the CEPD has no comment on the matter. She said the government's future monetary objectives will be in-line with the governor's initiatives and the Cabinet's policies.

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