TAIPEI (Reuters) – The Taiwan dollar’s exchange rate with the U.S. dollar has been stable this year without large fluctuations, Taiwan’s central bank said on Tuesday, adding it had intervened in the market this year but at a more modest rate than last year.

It has made exports from Taiwan’s trade-dependent economy more expensive. In December, the U.S. Treasury also added Taiwan to its “monitoring” list of countries where currency practices are causing concern.

The central bank reported to Parliament ahead of Yang Chinlong, who was taking questions from legislators on Thursday. It stated that it had purchased a net $8.73billion to “avoid serious disorder in the currency market” and intervene in the first half.

For 2020 alone, however, the central banks purchased net $39.1 billion.

According to the central bank, the Taiwanese dollar has appreciated by 2.8% in the past year. This was stable compared with other currency exchange rates.

The bank said Taiwan’s floating managed exchange rate system had been a success, with its currency fluctuating lower than the Euro, South Korean Won or Singapore dollar. This has helped Taiwan’s economic growth and exporters.

Taiwan’s economy is small and open, with high trade dependence. It is therefore necessary to ensure the currency’s stability. Taiwan’s forecast for economic growth was revised by the central bank last week.