Monetary Statistics for February 2003

According to statistics published today (Monday) by the Hong Kong Monetary Authority, total deposits with authorized institutions dropped slightly in February, attributable mainly to a fall in US dollar deposits (0.6%) while Hong Kong dollar deposits were virtually unchanged.

Total loans and advances fell by 0.2% in February, as an increase in loans for use outside Hong Kong was offset by a decline in loans for use in Hong Kong. Analysed by currency, Hong Kong dollar denominated loans dropped while foreign currency loans grew during the month. The Hong Kong dollar loan-to-deposit ratio decreased slightly to 89.1%.

On a seasonally adjusted basis, Hong Kong dollar M1 rose by 3.3% during the month and by 11.7% over a year ago. Unadjusted Hong Kong dollar M2 and M3 declined by 0.5% and 0.6% respectively. Compared with a year ago, M2 was little changed and M3 increased by 0.1%.

For further enquiries, please contact:
Sylvia Yip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
31 March 2003

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