TNAG-1267-FCO40-1616-Economic-situation-in-Hong-Kong-1983 — Page 252

the end of June, deposits with banks were 12.2% above those at

the end of 1982, while deposits with deposit-taking companies were 6.4% below (4).

3.6

Growth in total money supply, on all definitions,

came from its foreign currency components. The Hong Kong dollar component of total M3 in fact recorded a decrease of

2.7% during the first half of 1983. This partly reflects a

further relative shift from Hong Kong dollar deposits into

foreign currency deposits the former fell by 3.1% during the

-

first half and the latter increased by 24.98(5) The

differential

treatment, for interest tax purposes, of Hong

Kong dollar and foreign currency deposits was one factor contributing to this shift. But in this connection, there are

(4)

(5)

/three

...

Growth rates of Customers' Deposits held by Banks and Deposit-taking Companies (%)

Banks

Dtcs

1981

1982

22 22

H1

+11.0

+42.1

H2

+8.5

-1.1

H1

+44.4

-19.8

H2

+26.2

-7.7

1983

HI

+12.2

-6.4

As at end of

213,452

41,025

June 1983 ($mn)

Growth rates of Customers' Deposits by

Currency Denominations (%)

{

HK$

Foreign currency

Total

+

1982

ні

-3.3

+133.4

+21.2

H2

+4.2

+44.5

+18.1

1983

H1

-3.1

+24.9

+8.7

As at end of

131,220

123,256

254,476

June 1983 ($mm)

24