The M1B monetary aggregate, a narrow measure of money supply indicating capital momentum in the stock market, fell for the eighth consecutive month last month, the latest official data showed, but the central bank said that money in the stockmarket is still abundant.
The M1B rose 12.29 percent from a year ago, compared with a 12.49 percent year-on-year increase in July, the central bank said yesterday, attributing the subdued growth to a higher comparison base last year.
However, the broader M2 monetary gauge, which includes M1B, time deposits, time savings deposits, foreign currency deposits and mutual funds, increased 4.6 percent year-on-year, the third straight month of gains, the central bank’s data showed.
Although monthly growth of M1B is trending down, “liquidity in the market is still abundant,” Chen E-dawn (陳一端), deputy chief of the central bank’s economic research department, told a media briefing.
Chen said that the balance of securities accounts, which are used to indicate individual stock investors’ confidence, increased by NT$27.1 billion (US$861.7 million) from a month earlier to NT$1.23 trillion, the highest this year.
“As most of the publicly listed companies paid their dividends last month, the balance of demand deposits also hit a record high of NT$9.9 trillion,” Chen said, expecting the amount to exceed NT$10 trillion this month.
NT dollar deposits held by foreigners amounted to NT$294.5 billion, up 41.3 billion from July, indicating that the amount of money ready to enter the stock market is abundant, she said.
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