Reserve Money (March 2026)

For the month of March 2026, the daily average reserve money was NT$7,535.9 billion, a decrease of NT$92.1 billion from the previous month. Of the components, currency in circulation decreased by NT$191.7 billion, whereas reserves deposited with the Bank increased by NT$99.6 billion.

For the sources of change in reserve money, March saw expansionary factors such as principal and interest payments on government bonds, repayment of government debt, the disbursement of various subsidies and centrally-funded tax revenues, and a net decrease in NCDs issued by the Bank. However, these effects were more than offset by contractionary factors, including tax remittances to the Treasury, government borrowings, as well as the issuance of government bonds and Treasury bills. As a result, the daily average level of reserve money decreased compared with the previous month.

The annual growth rate of the daily average reserve money decreased by 0.47 percentage points from 7.57% of the previous month to 7.10%. For the first three months of the year, the annual growth rate of daily average reserve money was 6.32%, lower than 6.43% in the same period last year.

Note: The next Reserve Money (April 2026) is scheduled for release at 16:20 on May 11, 2026.