Taiwan's central bank raised its policy rate on Thursday for the third time this year, reflecting continued concerns about inflation.

The central bank raised the benchmark discount rate by 12.5 basis points (bps) to 1.625%.

Economists in a Reuters poll had expected the central bank to raise the rate at its quarterly monetary policy meeting. The median expectation was for a 12.5 bps rise, but a minority forecast an increase of 25 bps and one saw a 50 bps hike. (Reporting by Liang-sa Loh and Yimou Lee; Editing by Ana Nicolaci da Costa)