Annual growth of both the M1B and M2 monetary aggregates fell for the third consecutive month last month because of slowing growth in bank credit and a higher base effect, the central bank said yesterday.
M1B, a narrow measure of money supply that includes currency held by the public and deposits, last month rose 21.57 percent from a year earlier, the lowest increase in eight months, central bank data showed.
However, despite subdued annual growth in M1B, “there was still abundant liquidity on the market,” Chen E-dawn (陳一端), deputy chief at the central bank’s economic research department, told a media briefing.
Chen said the average daily amount of M1B exceeded NT$10.5 billion (US$333.8 million) last month.
The broader M2 monetary gauge, which includes M1B, time deposits, time savings deposits, foreign currency deposits and mutual funds, rose 4.58 percent year-on-year last month, compared with 5.1 percent in February, the report said.
As the central bank continued to absorb excess liquidity to curb soaring housing prices, Chen said excess reserves last month dropped to NT$23.1 billion, the lowest in 19 months.
The central bank also said the stock market performed well last month, with the balance of securities accounts topping NT$1.1 trillion, an increase of NT$47 billion from February.
In terms of direct and indirect finance, total outstanding loans and investments by major financial institutions rose 1.40 percent year-on-year last month, compared with 1.97 percent growth in February, the central bank said.
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