3.8
Despite
the recovery of export orders, the growth rate of loans and advances to finance Hong Kong's external trade fell by 1.0% during the first quarter, after increasing by 5%
reflected seasonal factors. Other loans and advances for use
in Hong Kong rose moderately, by 4.4%; compared with 3.9% during the fourth quarter. Of the $195.6 billion outstanding "other" loans and advances for use in Hong Kong at the end of March, $18.0 billion or 9.2% was outstanding to firms in the
manufacturing sector and $50.3 billion or 25.7% to firms in
the building and construction sector. These levels were
respectively 6.4% and 1.6%
6.4% and 1.6% above those at
at the end of 1982.
Loans to individuals to purchase residential property
including flats in the Home Ownership Scheme and Private
Sector Participation Scheme rose by 12.2%, which was
significantly faster than in the two preceding quarters.
in the fourth quarter. But the difference may have
Interest rates
3.9
Interest rates paid or charged by banks in Hong Kong remained generally stable
(7). throughout the first quarter
The best lending rate charged by the note-issuing banks stayed
at 10 1/2% and the deposit rate structure set by the Hong Kong
Association of Banks was also unchanged. Interest rates
offered by deposit-taking companies, which are largely based
on money market rates, moved within a narrow range during most of the period.
(7)
/The
HKAB:
Interest
rates
paid on
3-month
Interest rates
Interest rates paid on 3-month
deposits with a re-
presentative
% p.a.
The best
3-month
money
market
(interbank)
rate
lending
rate charged by the note- issuing banks
deposits
As at end of
with banks
dtc
1982
Dec
7 1/2
9 1/4
9 3/16
10 1/2
1983
Jan
7 1/2
8 3/4
9 1/2
10 1/2
Feb
7 1/2
9 1/8
9 9/16
10 1/2
Mar
7 1/2
9
9 1/4
10 1/2
17
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