Financial Conditions (September 2021)

Monetary Aggregates   For the month of September 2021, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.74% and 0.69%, respectively, both lower than those of the previous month. The annual growth rate of M1B decreased to 14.96% mainly because of slower growth in passbook deposits, whereas the annual growth rate of M2 increased to 8.69% mainly because of net foreign capital inflows and faster growth in bank loans and investments. For the first nine months of this year, the average annual growth rates of M1B and M2 were 17.13% and 8.88%, respectively.

Loans and Investments of Financial Institutions   At the end of September 2021, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.70%, lower than that at the end of the previous month. Meanwhile, the annual growth rate increased from 7.88% at the end of the previous month to 8.44% mainly because of faster growth in bank claims on the private sector. If loans and investments extended by life insurance companies and loans reclassified and 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 7.33%, higher than the 6.92% registered at the end of the previous month.

Notes:

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

2. For the release schedule for the coming months, please check the Advance Release Calendar.