Composite Interest Rate: End of April 2024

The Hong Kong Monetary Authority (HKMA) has announced that the composite interest rate at the end of April 2024 decreased by 8 basis points to 2.65% compared to the end of March 2024. The composite interest rate is a measure of the average cost of funds for banks. The decrease in the composite interest rate was primarily driven by a decrease in the weighted funding cost for deposits during the month. Detailed charts illustrating these changes can be found in the Annex of the announcement. Historical data on the composite interest rate from the end of the fourth quarter of 2003 to the end of April 2024 can be accessed 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/2024/05/20240520-3/