Financial Conditions (March 2005)
Monetary Aggregates For the month of March 2005, the annual growth rates of the monetary aggregates M1A, M1B, and M2, measured on a daily average basis, were 10.36%, 8.24%, and 5.95%, respectively. All of these growth rates were lower than those in the previous month. This was mainly due to the influx of currency back to the banking system after the Chinese New Year Holidays and the reduction of net foreign capital inflows compared to last month. For the first three months of this year, M1A, M1B, and M2 exhibited average annual growth rates of 10.35%, 9.11%, and 6.21%, respectively.
Direct and Indirect Finance At the end of March, the annual growth rate of total outstanding loans and investments of major financial institutions, including monetary institutions, the Chunghwa Post Co., as well as money market mutual funds, declined from 8.15% in the previous month to 7.90%. This was mainly due to the relatively higher base of the corresponding month last year. If (1) loans and investments extended by life insurance companies and investment and trust companies, (2) non-accrual loans reclassified and bad loans written-off by major financial institutions, and (3) funds raised directly from capital markets were all taken into account, the total outstanding amount of funds raised by non-financial sectors showed an annual growth rate of 7.35%, higher than the 7.28% posted in the previous month.
Notes: 1. The upcoming Financial Conditions (April 2005) is scheduled for release at 16:20 on May 25, 2005.
2. For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/EngHome/ESSDS/calacal.htm.
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