the monetary sector (a decrease in their net spot foreign
currency assets) of $6,872 million, after an outflow during
the fourth quarter of $2,457 million.
Interest rates
3.13
Interest rates paid or charged by banks in Hong Kong
remained generally stable throughout the first quarter. The
best lending rate charged by the two note-issuing banks stayed
at 16% and the deposit rate structure set by the Hong Kong
Association of Banks was also unchanged, apart from the
introduction of quotations for additional periods from 1st
March 1982. Also from that date the interest rate paid on
deposits with member banks of at least $500,000 maturing in less than 3 months is no longer subject to the interest rate
agreement; as a result banks now bid for such deposits at
rates close to the going money market rates. Interest rates
offered by deposit-taking companies, which again are largely
based on money market rates, moved within a narrow range during most of the first quarter (11)
•
(11)
/ The
3-month
As at end of
deposits
with banks
dtc
Interest Rates
HKAB: Interest
rates paid on
Interest rates paid on 3-month deposits with a representative
3-month money market
(interbank)
rate
% p.a.
The Best Lending
Rate charged by
the note- issuing banks
1981 Dec
12 1/2
14
13 5/8
16
1982 Jan
12 1/2
14 1/4
14 1/4
16
Feb
12 1/2
14 5/8
14 13/16
16
Mar
12 1/2
14 3/4
15 5/16
16
19