Monetary supply measures expanded last month from a year earlier, but the pace of growth decelerated further from a month earlier because of slowing lending activity and a higher base of comparison in 2009, the central bank said yesterday.
M2, the broad monetary gauge tied to the economic showing as it includes time deposits, time savings deposits, foreign currency deposits, mutual funds and the narrower M1B of cash and cash equivalents, rose 5.14 percent last month from the level a year-earlier, compared with 5.2 percent in November, the bank said.
“Less aggressive lending and investments by major financial institutions in the private sector accounted for the smaller growth,” the bank said in a statement.
Total outstanding loans and investments of major lenders increased 6.19 percent year-on-year last month to NT$22.82 trillion (US$778.31 billion), easing from a revised 6.34 percent a month earlier, the report showed.
For last year, the M2 expansion rate averaged 4.59 percent, falling within the bank’s target growth zone of between 2.5 percent and 6.5 percent.
The narrower M1B reading, widely used to track fund movement in the local bourse, expanded 8.77 percent last month from December 2009, slowing for the 12th consecutive month from 9.18 percent last November, the report said.
The central bank dismissed the link between the M1B reading and the TAIEX, saying the stock market has more to do with individual company’s earnings ability and there remains ample liquidity.
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