Financial Conditions (March 2021)

Monetary Aggregates   For the month of March 2021, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were both 0.11%, lower than those of the previous month. The annual growth rates of M1B and M2 decreased from 18.57% and 9.12% of the previous month to 18.23% and 8.91%, respectively, mainly because of net capital outflows. For the first three months of this year, the average annual growth rates of M1B and M2 were 18.20% and 8.96%, respectively.

Loans and Investments of Financial Institutions   At the end of March 2021, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.69%, higher than that at the end of the previous month. Meanwhile, the annual growth rate increased from 6.61% at the end of the previous month to 7.14% mainly because of faster growth in bank claims on the government and 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 6.50%, higher than the 6.21% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (April 2021) is scheduled for release at 16:20 on May 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.