Summary of Interbank Call Loan and Commercial Paper Markets (March 2026)

I. Interbank Call Loan Market

1. Interbank Overnight Call Loan Rates

For the month of March 2026, the interbank overnight call loan rates ranged from 0.817% to 0.827%, while the weighted average rate stood at 0.823%, edging up by 0.004 percentage points from the previous month (Appendix Table 1).

2. Turnover

For the month of March 2026, the total turnover in the interbank call loan market amounted to NT$2,222.9 billion, representing an increase of NT$713.5 billion or 47.27% from the previous month. The average daily turnover stood at NT$101 billion, a month-on-month decrease of NT$6.8 billion or 6.31% (Appendix Table 2).

3. Outstanding Balance

For the month of March 2026, the daily average outstanding balance of interbank call loans stood at NT$438.1 billion, representing an increase of NT$12.5 billion or 2.94% from the previous month (Appendix Table 2).

(1) By borrower, domestic banks accounted for the dominant share of 54.44%, followed by bills finance companies, local branches of foreign and Mainland Chinese banks, and Chunghwa Post Co., with shares of 28.65%, 16.87%, and 0.04%, respectively (Appendix Table 3).

(2) By lender, domestic banks held the largest share of 73.45%, followed by local branches of foreign and Mainland Chinese banks, Chunghwa Post Co., and bills finance companies, with shares of 16.41%, 9.98%, and 0.16%, respectively (Appendix Table 3).

II. Commercial Paper Market

1. Primary Market

(1) Rates

For the month of March 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.68% to 1.81%. The preliminary monthly average rate stood at 1.74%, edging up by 0.07 percentage points from the previous month (Appendix Table 1).

(2) Issuance

At the end of March 2026, the outstanding amount of short-term bills issued through the TDCC Bills Clearing and Settlement System stood at NT$4,105.5 billion, a decrease of NT$21.1 billion or 0.51% from the previous month; of this total, commercial paper accounted for NT$3,860.8 billion, a decrease of NT$45.8 billion or 1.17% from the previous month (Appendix Table 4).

2. Secondary Market

(1) Rates

For the month of March 2026, the rate on commercial paper with a maturity of 1-30 days ranged from 1.484% to 1.589%. The preliminary monthly average rate stood at 1.53%, edging up by 0.14 percentage points from the previous month (Appendix Table 1).

(2) Turnover

For the month of March 2026, the total turnover in short-term bills traded through the TDCC Bills Clearing and Settlement System stood at NT$5,594.8 billion, an increase of NT$1,721.9 billion or 44.46% from the previous month; of this total, commercial paper turnover reached NT$5,110.9 billion, an increase of NT$1,471 billion or 40.41% from the previous month (Appendix Table 4).