Financial Conditions (April 2021)

Monetary Aggregates   For the month of April 2021, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.57% and 0.43%, respectively, both higher than those of the previous month. The annual growth rates of M1B and M2 decreased from 18.23% and 8.91% of the previous month to 17.73% and 8.83%, respectively, mainly because of slower growth in bank loans and investments. For the first four months of this year, the average annual growth rates of M1B and M2 were 18.09% and 8.93%, respectively.

Loans and Investments of Financial Institutions   At the end of April 2021, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.27%, lower than that at the end of the previous month. Meanwhile, the annual growth rate decreased from 7.14% at the end of the previous month to 7.01% mainly because of slower growth in bank claims on the private sector and a larger year-on-year decrease in bank claims on government enterprises.  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 6.53%, higher than the 6.50% registered at the end of the previous month.

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