Financial Conditions (January 2005)
PRESS RELEASE Release Date: February 25, 2005
Financial Conditions (January 2005)
Monetary Aggregates For the month of January 2005, the annual growth rates of the monetary aggregates M1A, M1B, and M2, measured on a daily average basis, were 7.83%, 9.04%, and 6.20%, respectively. All of these growth rates were lower than those recorded in the previous month. This was partly due to the higher base of January 2004 caused by strong currency demand around the Chinese New Year holidays and a relatively large net foreign capital inflow. Another factor was a slowdown in bank credit growth in January 2005. When excluding the Chinese New Year factor, the growth rates of M1A, M1B, and M2, were 12.68%, 10.81%, and 6.72%, respectively.
Direct and Indirect Finance At the end of January, 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 8.65% in the previous month to 8.21%. This was mainly due to the decrease in bank claims on private enterprises and individuals. 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 would show an annual growth rate of 7.75%, lower than the 8.17% posted in December 2004.
Notes: 1. The upcoming Financial Conditions (February 2005) is scheduled for release at 16:20 on March 25, 2005.
2. For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/EngHome/ESDDS/calacal.asp .
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