MONDAY, APRIL 2, 1979
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ON A THREE-MONTH MOVING AVERAGE, TO SMOOTH OUT MONTHLY FLUCTUATIONS, M2 IN THE PERIOD DECEMBER 1978 TO FEBRUARY 1979 WAS 25.4 PER CENT ABOVE THE SAME MONTHS OF 1977-78: THIS COMPARISON SHOWS A STEADY DECLINE FROM THE HIGHEST GROWTH RATE OF 28.7 PER CENT RECORDED IN AUGUST TO OCTOBER 1978.
THE ANNUAL GROWTH RATE OF M1 IN FEBRUARY, AT 22.4 PER CENT, WAS ONLY SLIGHTLY LOWER THAN THE 22.5 PER CENT RECORDED IN JANUARY (WHICH WAS AGAIN DISTORTED BY THE TIMING OF LUNAR NEW YEAR).
IN THE PERIOD DECEMBER 1978 TO FEBRUARY 1979 M1 WAS 22.7 PER CENT ABOVE THE SAME MONTHS OF 1977-78, WHICH IS RATHER HIGHER THAN THE 22.2 PER CENT SHOWN IN THE PREVIOUS MONTH, THOUGH IT IS STILL SOME WAY BELOW THE PEAK OF 27.3 PER CENT RECORDED IN JULY TO SEPTEMBER 1978.
BANKING STATISTICS
BANK LOANS AND ADVANCES IN HONG KONG CONTINUED TO INCREASE IN FEBRUARY, WITH THE TOTAL OUTSTANDING RISING DURING THE MONTH BY $1,473 MILLION (2.7 PER CENT) TO $56,550 MILLION, WHICH WAS 46.9 PER CENT ABOVE THE LEVEL AT THE END OF FEBRUARY 1978.
ON AN ANNUAL BASIS THE RATE OF INCREASE HAS BEEN ACCELERATING EVERY MONTH SINCE JUNE 1978.
LOOKING AT THE THREE-MONTH MOVING AVERAGE, LOANS AND ADVANCES IN HONG KONG IN DECEMBER 1978 TO FEBRUARY 1979 WERE 45.1 PER CENT ABOVE THE SAME MONTHS OF 1977-78: ON THIS COMPARISON THE GROWTH RATE OF LOANS AND ADVANCES HAS BEEN ACCELERATING EVERY MONTH SINCE OCTOBER 1977.
THE NET IDENTIFIABLE FOREIGN ASSETS OF THE LICENSED BANKS FELL BY $712 MILLION TO $14,702 MILLION, THE LOWEST LEVEL FOR TWO YEARS. LOANS ABROAD ROSE BY $896 MILLION TO $17,364 MILLION.
THE AVERAGE LIQUIDITY RATIO OF THE BANKING SECTOR WAS ALMOST UNCHANGED AT 45.6 PER CENT (45.4 PER CENT IN JANUARY). THE RATIO OF LOANS AND ADVANCES IN HONG KONG TO DEPOSITS ROSE FROM 81 PER CENT TO 81.7 PER CENT.
DEPOSIT-TAKING COMPANY STATISTICS
DEPOSIT LIABILITIES OF DEPOSIT-TAKING COMPANIES ROSE BY $633 MILLION (5.3 PER CENT) TO $12,574 MILLION AT THE END OF FEBRUARY.
THE IR LOANS AND ADVANCES IN HONG KONG FELL BY $254 MILLION (2.5 PER CENT) TO $9,859 MILLION, WHILE THEIR LOANS ABROAD FELL BY $250 MILLION (1.1 PER CENT) TO $21,696 MILLION.
THE IR NET IDENTIFIABLE FOREIGN ASSETS ROSE BY $840 MILLION
(13 PER CENT) TO $7,289 MILLION.
THE NET CLAIMS OF DEPOSIT-TAKING COMPANIES ON LICENSED BANKS IN HONG KONG ROSE BY $229 MILLION TO $1,659 MILLION.
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