1
15.6% and 4.6% respectively. Meanwhile, loans to
individuals to purchase residential property including the
Home Ownership Scheme and Private Sector Participation
Scheme rose by 5.8%, following the growth of 7.4% during
the second quarter.
Interest rates
3.9
In July there were two downward adjustments in
deposit rates by the Hong Kong Association of Banks, by
1 percentage point each on 6 July and 25 July, in response
to declining rates in the
money market. On both
occasions, the exchange value of the Hong Kong dollar
appeared to have stabilized. The best lending rate
offered by the two note-issuing banks was correspondingly
reduced and stood at 11 1/2% on 25 July. However, as the
Hong Kong dollar came under renewed downward pressure in September, interest rates were adjusted upwards again by 1 1/2 percentage points from 9 September and by another
3 percentage points from 27 September. At the end of
(8) September, the best lending rate stood at 16%
Foreign currency positions
3.10
Figures collected by the Commissioner of Banking
and Deposit-taking Companies for prudential supervision
(8)
/ purposes
Effective 7 days' 3
from
Interest rates paid by members of the Hong Kong Association of Banks, and the best lending rate of the note-issuing banks (%):
12
6 call months months months Savings BLR
5 1/2
24.5.83 7 1/2 10 1/2 10 3/4
6.7.83 6 1/2 25.7.83
11
7 1/2
13 1/2
9.9.83
7
27.9.83
10
2500
9 1/2
9 3/4
10
6 1/2
12 1/2
8 1/2
8 3/4 9
5 1/2
11 1/2
10
10 1/4 10 1/2
7
13
12
13 1/4 13 1/2
10
16
21