Banking Sector Development

November 2016 | Released on 24 March 2017


  Nov 16 Oct 16 Sep 16 Aug 16

Deposit rate (%) *
2.232 2.213 2.233 2.208
Lending rate (%) *
7.888 7.893 7.880 7.902

Total Deposits (T$m)
492.9 496.8 491.2 481.9
Total Lending (T$m) ^
377.5 368.2 362.7 355.2
New Commitments (T$m) 22.3 13.1 12.4 12.8
Broad Money (T$m) 493.6 501.2 496.2 491.0

* Weighted Average calculated as a function of interest rate and volume of deposits and loans
^ This series shows total lending from the banking sector only

Deposits declined while lending continues to grow strongly

Lending

Over November 2016, total lending by banks continued to increase by $9.3 million (2.5%) to $377.5 million. Business and household loans both contributed to the monthly rise. On a yearly basis, household loans contributed significantly to an overall annual credit growth of $53.4 million (16.5%). Business lending also contributed to the annual growth.

Deposit

Total bank deposits decreased by $3.9 million (0.8%) to $492.9 million over November 2016. This was due mainly to a fall in demand and time deposits of $2.9 million (1.4%) and $1.8 million (0.9%) respectively. This was due to drawing down of businesses and individuals of their deposits to fund their overseas payments as well as preparations for the upcoming festive season.

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