Composite Interest Rate: End of March 2024

The Hong Kong Monetary Authority (HKMA) has reported that the composite interest rate, which represents the average cost of funds for banks, dropped by 5 basis points to 2.73% at the end of March 2024. This decrease is compared to the rate of 2.78% recorded at the end of February 2024. The decline in the composite interest rate is primarily attributed to a reduction in the weighted funding cost for deposits during the month. Detailed historical data regarding the composite interest rate, spanning from the fourth quarter of 2003 to the end of March 2024, can be found in the Monthly Statistical Bulletin on the HKMA website, www.hkma.gov.hk. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240418-4/