Financial Conditions (January 2021)

Monetary Aggregates   For the month of January 2021, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 3.03% and 1.26%, respectively, both higher than those of the previous month. The annual growth rates of M1B and M2 increased to 17.81% and 8.84%, respectively, mainly because of net foreign capital inflows and faster growth in bank loans and investments.

Loans and Investments of Financial Institutions   At the end of January 2021, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 1.04%, higher than that at the end of the previous month. Meanwhile, the annual growth rate increased from 6.79% at the end of the previous month to 6.86% mainly because of faster growth in bank claims on the private sector.  If (1) loans and investments extended by life insurance companies and (2) non-accrual loans reclassified and bad loans written off by monetary financial institutions were all taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.61%, lower than the 6.66% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (February 2021) is scheduled for release at 16:20 on March 24, 2021.

            2. For the release schedule for the coming months, please check the CBC website at

               https://www.cbc.gov.tw/en/cp-515-102276-849a0-2.html.