Unlocking the power of compound interest: march 2024 update
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (April 18) the composite interest rate at the end of March 2024 (Note 1).
The composite interest rate, which is a measure of the average cost of funds of banks, decreased by 5 basis points to 2.73 per cent at the end of March 2024, from 2.78 per cent at the end of February 2024 (see Chart 1 in the Annex). The decrease in composite interest rate mainly reflected the decrease in the weighted funding cost for deposits during the month (see Chart 2 in the Annex) (Note 2).
The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of March 2024 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk).
Note 1:The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest-rate-sensitive liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and all other liabilities that do not involve any formal payment of interest but the values of which are sensitive to interest rate movements (such as Hong Kong dollar non-interest bearing demand deposits) on the books of banks. Data from retail banks, which account for about 90 per cent of the total customers' deposits in the banking sector, are used in the calculation. It should be noted that the composite interest rate represents only average interest expenses. There are various other costs involved in the making of a loan, such as operating costs (e.g. staff and rental expenses), credit cost and hedging cost, which are not covered by the composite interest rate.
Note 2: Since June 2019, the composite interest rate and weighted deposit rate have been calculated based on the new local "Interest rate risk in the banking book" (IRRBB) framework. As such, these figures are not strictly comparable with those of previous months.
Source: AI-generated images
Discover the best of hong kong cinema at far east film festival in udine, italy with support from hketo, brussels
The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels), together with Create Hong Kong, the Film Development Fund (FDF) and the Hong Kong International Film Festival Society, supported the screening of Hong Kong films at the 26th Far East Film Festival (FEFF) in Udine, Italy from April 24 to May 2 (Udine time).
At the 26th FEFF, international audiences in Italy are being treated to a special selection of films titled "Making Waves – Navigators of Hong Kong Cinema" ("Making Waves"), which showcases films from both the established and the new and emerging talents. The "Making Waves" featured nine recently released Hong Kong films with Customs Frontline by Hong Kong director Herman Yau closing the FEFF. The Hong Kong film industry was well-represented in FEFF by the many directors, producers, screenwriters and actors from Hong Kong.
Speaking at the Hong Kong Film Night on April 27, the Deputy Representative of the HKETO, Brussels, Miss Fiona Li, highlighted the efforts of the Hong Kong Special Administrative Region Government in supporting Hong Kong’s creative industries and further strengthening Hong Kong’s role as a bridge between East and West for international cultural exchanges.
Miss Li said that an amount of EUR 165 million will be injected into the Film Development Fund as announced in the 2024-25 Budget. Aimed at further facilitating international collaboration and elevating Hong Kong cinema on the global stage, FDF has recently launched a Hong Kong-Europe-Asian Film Collaboration Funding Scheme to provide funding support to eligible film projects co-produced by filmmakers between Hong Kong and European/Asian countries.
The FEFF is one of the largest film festivals in Europe, showcasing the latest productions from Asia and receiving significant national and international interest from the film industry, cultural sector and media. This year, a total of 79 movies from 12 countries/regions are screened in the FEFF.
HKETO, Brussels supports Hong Kong films at Far East Film Festival in Udine, Italy Source: HKSAR Government Press Releases
