Financial Conditions (March 2022)

Monetary Aggregates   For the month of March 2022, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were -0.03% and 0.52%, respectively, both lower than those of the previous month. The annual growth rate of M1B decreased to 10.92% mainly because of slower growth in passbook savings deposits, whereas the annual growth rate of M2 increased to 8.11% mainly because of faster annual growth in bank loans and investments. For the first three months of this year, the average annual growth rates of M1B and M2 were 11.16% and 7.88%, respectively.

Loans and Investments of Financial Institutions   At the end of March 2022, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.73%, higher than that at the end of the previous month. Meanwhile, the annual growth rate increased from 8.45% at the end of the previous month to 8.50% mainly because of faster growth in bank claims on the government and government enterprises. 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 7.09%, lower than the 7.24% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (April 2022) is scheduled for release at 16:20 on May 24, 2022.

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