Financial Conditions (November 2007)
PRESS RELEASE Released Date: December 25, 2007
Financial Conditions (November 2007)
Monetary Aggregates For the month of November 2007, the annual growth rates of the monetary aggregates M1A, M1B, and M2, measured on a daily average basis, were 6.29%, 4.34%, and 2.78%, respectively. Compared to the previous month, the M1A growth rate was higher due to a low comparison base. Meanwhile, M1B and M2 growth rates were both lower mainly because of subdued trading in the stock market, a net outflow of foreign capital, as well as decelerating growth in bank credit. For the first eleven months of this year, the average annual growth rates of M1A, M1B, and M2 were 7.04%, 6.95%, and 4.52%, respectively.
Direct and Indirect Finance At the end of November, the annual growth rate of total outstanding loans and investments (measured on a cost basis) of major financial institutions fell from 3.54% at the end of the previous month to 2.78%. This was mainly due to a decrease in bank claims on government agencies and private enterprises. 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 3.61%, lower than the 3.91% at the end of the previous month.
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Notes: 1.The upcoming Financial Conditions (December 2007) is scheduled for release at 16:20 on January 25, 2008.
2.For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/EngHome/default.asp.