Money, Finance, and Prices

Transcription

1 250 Key Indicators for Asia and the Pacific 2015 Money, Finance, and Prices Snapshots Inflation generally remained low across Asia and the Pacific in 2014 as declining oil prices took pressure off of consumer prices. The exchange rates of 35 out of 44 regional currencies depreciated against the US dollar in Growth in the money supply slowed in most of the region s economies. The ratio of nonperforming loans to total gross loans declined in about half of the reporting economies in the region between 2013 and Stock market performances were largely positive across the region in Key trends Inflation generally remained low across Asia and the Pacific in 2014 as declining oil prices took pressure off of consumer prices. The simple average of inflation rates for 44 regional economies fell from 4.4% in 2013 to 4.0% in 2014 (Table 3.1). Consumer inflation decelerated in almost 60% of the region s developing member economies between 2013 and 2014, with particularly sharp declines in Sri Lanka (from 6.9% to 3.2%), India (from 9.7% to 6.3%), and Nepal (from 12.6% to 9.6%) (Figure 3.1). Inflation accelerated most rapidly over the same period in developing members Tonga (from 0.8% to 2.5%), Tuvalu (from 2.0% to 3.3%), and Pakistan (from 7.4% to 8.6%). In 2014, the only economy in the region with double-digit inflation was Mongolia (10.5%). In developed member Japan, inflation jumped from 0.3% in 2013 to 2.8% in 2014, driven by the implementation of a consumption tax increase in April Meanwhile, Samoa ( 0.5%) and Brunei Darussalam ( 0.2%) were the only two regional economies to experience deflation in While there was a slight uptick in the simple average of food inflation for 37 regional economies from 3.9% in 2013 to 4.3% in 2014, declining oil prices have generally restrained input price pressures (Table 3.2). 2 At the subregional level, food inflation was 9.0% or higher in four economies in Central and West Asia (Afghanistan, the Kyrgyz Republic, Pakistan, and Tajikistan); in, food inflation topped 10.0% in two economies (Bhutan and Nepal) (Figure 3.2a). There were only three regional economies that experienced food deflation in 2014: Brunei Darussalam ( 0.3%), the People s Republic of China ( 1.5%), and Samoa ( 3.4%). The simple average of nonfood inflation for 31 regional economies increased from 3.3% in 2013 to 3.5% in Fiji experienced nonfood deflation of 0.3% in 2014, while nonfood inflation was flat in Brunei Darussalam (Figure 3.2b). All other reporting economies experienced an increase in nonfood prices in Japan Times Consumption Tax Hike Lifts Inflation to 23-Year High. 30 May. business/economy-business/consumption-tax-hike-lifts-inflationto-a-23-year-high/#.vebf7pf3i49 2 Asian Development Bank Asian Development Outlook Manila. publication/154508/ado-2015.pdf

2 Money, Finance, and Prices 251 Kyrgyz Republic Papua New Guinea Solomon Islands Hong Kong, China Brunei Darussalam Figure 3.1: Inflation Rate, 2013 and 2014 (annual % change) Mongolia Nepal Pakistan Bhutan Tajikistan Bangladesh Kazakhstan Indonesia Uzbekistan India Turkmenistan Myanmar Afghanistan Palau Lao PDR Philippines Viet Nam Cambodia Tuvalu Sri Lanka Malaysia Armenia Japan Australia Tonga Maldives Cook Islands PRC Georgia Thailand Azerbaijan Korea, Rep. of New Zealand Taipei,China Singapore FSM Vanuatu Fiji Samoa Nepal Bhutan Tajikistan Kyrgyz Republic Afghanistan Pakistan Bangladesh Armenia Philippines Lao PDR Kazakhstan India Myanmar Cambodia Papua New Guinea Hong Kong, China Thailand Uzbekistan Sri Lanka Japan Taipei,China Malaysia Cook Islands Solomon Islands Singapore Georgia Tonga Fiji Palau Australia Maldives Vanuatu Azerbaijan Timor-Leste New Zealand Korea, Rep. of Brunei Darussalam Figure 3.2a: Food Inflation Rates, 2014 (annual % change) PRC Samoa Regional Trends and Tables FSM = Federated States of Micronesia, Lao PDR = Lao People's Democratic Republic, PRC = People s Republic of China. Source: Table Lao PDR = Lao People's Democratic Republic, PRC = People s Republic of China. Source: Table 3.2.

3 252 Key Indicators for Asia and the Pacific 2015 Figure 3.2b: Nonfood Inflation Rates, 2014 (annual % change) Uzbekistan Bhutan Kyrgyz Republic Kazakhstan Nepal Solomon Islands Lao PDR India Bangladesh Papua New Guinea Palau Myanmar Hong Kong, China Azerbaijan Maldives Malaysia Tajikistan Samoa Cambodia Japan Philippines Cook Islands Korea, Rep. of New Zealand Thailand Georgia Singapore Taipei,China Afghanistan Brunei Darussalam Fiji Lao PDR = Lao People's Democratic Republic. Source: Table The exchange rates of 35 out of 44 member economies depreciated against the US dollar in The exchange rates of 35 out of 44 member economies depreciated in 2014 as the US dollar strengthened amid continued improvement in the United States economy and the winding down of the Federal Reserve s quantitative easing program (Figure 3.3). 3 The US dollar s sharpest appreciation in 2014 came against the currencies of Mongolia (19.3%), Kazakhstan (17.8%), Indonesia (13.4%), the Kyrgyz Republic (10.8%), and Uzbekistan (10.6%). In 2013, the Myanmar kyat fell 45.7% against the US dollar following the adoption of a managed float in April 2012, and the Japanese yen depreciated 22.3% as the Bank of Japan engaged in quantitative easing. 3 Economies in Asia and the Pacific that use the US dollar were not included in this analysis (the Marshall Islands, the Federated States of Micronesia, Palau, and Timor-Leste). Figure 3.3: Dollar Exchange Rates, (annual % change) Mongolia Kazakhstan Indonesia Kyrgyz Republic Uzbekistan Papua New Guinea Japan Nepal Kiribati Nauru Tuvalu Australia Georgia Thailand Myanmar Philippines Bhutan India Tonga Malaysia Tajikistan Afghanistan Vanuatu Fiji Lao PDR Taipei,China Armenia Brunei Darussalam Singapore Sri Lanka Viet Nam Solomon Islands Samoa Cambodia Maldives Turkmenistan Azerbaijan Hong Kong, China Pakistan Bangladesh PRC New Zealand Cook Islands Korea, Rep. of Lao PDR = Lao People's Democratic Republic, PRC = People s Republic of China. Source: Table Growth in the money supply slowed in most of the region s economies. The simple average of money supply (M2) growth rates from 41 economies decelerated from 12.8% in 2013 to 10.8% in Among the reporting economies, money supply growth eased in 28 economies and accelerated in 13 economies (Figure 3.4). In only one economy,

4 Money, Finance, and Prices 253 Figure 3.4: Growth of Money Supply, 2013 and 2014 (annual % change) Cambodia Lao PDR Uzbekistan Myanmar Timor-Leste Nepal Viet Nam Turkmenistan Bangladesh Maldives Georgia Sri Lanka Pakistan Mongolia Indonesia Azerbaijan India PRC Kazakhstan Philippines Samoa Hong Kong, China Vanuatu Armenia Afghanistan Korea, Rep. of Australia Tajikistan Malaysia Bhutan New Zealand Taipei,China Solomon Islands Thailand Papua New Guinea Singapore Kyrgyz Republic Cook Islands Japan Brunei Darussalam Tonga Lao PDR = Lao People's Democratic Republic, PRC = People s Republic of China. Source: Table 3.5. Tonga, did the money supply contract in The most significant expansions of the money supply occurred in Cambodia (29.9%), the Lao People s Democratic Republic (25.2%), and Uzbekistan (24.0%). In Uzbekistan, the increase in money supply as a percentage of gross domestic product (GDP) was relatively small (0.9 percentage points), while in Cambodia (9.4 percentage points) and Lao People s Democratic Republic (5.9 percentage points), the increases in this ratio were among the region s highest (Table 3.7). Rapid growth in the ratio of money supply to GDP is a potential sign of excessive reliance on bank lending. Among the 36 regional economies for which 2014 data are available, Japan had the highest domestic credit-to-gdp ratio at 374.2% (Figure 3.5). Among reporting developing member economies, Hong Kong, China had the highest ratio at 236.3%, followed by Thailand (182.5%) and the People s Republic of China (169.2%). Yields on short-term Treasury bills increased in eight economies in Asia and the Pacific, decreased in eight, and were unchanged in two in 2014 (Figure 3.6). The majority of short-term Treasury bill yield movements in 2014 were small, with only four out of 18 reporting economies (Armenia, Georgia, Papua New Guinea, and Sri Lanka) experiencing more than a 1-percentage-point shift in either direction. Sri Lanka s short-term Treasury bill yield fell more than 4 percentage points from 10.7% to 6.6% as GDP growth topped 7.0%, inflation fell significantly, and the current account deficit narrowed. Interest rates offered on time deposits of 12 months declined in slightly more than half of the region s developing member economies (Table 3.8). Subdued inflation in many economies led to the continuation of policy interest rates at low levels and, in some cases such as Azerbaijan, even allowed room for a rate cut in support of economic growth. Conversely, the economy with the highest inflation rate in the region, Mongolia, experienced a policy rate hike. Regional Trends and Tables

5 254 Key Indicators for Asia and the Pacific 2015 Figure 3.5: Domestic Credit Provided by the Banking Sector, 2013 and 2014 (% of GDP) Japan Hong Kong, China Thailand PRC Australia Korea, Rep. of Malaysia Singapore Viet Nam India Nepal Maldives Vanuatu Mongolia Bangladesh Philippines Armenia Samoa Bhutan Papua New Guinea Georgia Indonesia Figure 3.6: Yield on Short-Term Treasury Bills, 2013 and 2014 (%) Pakistan Maldives Armenia Kazakhstan Sri Lanka Georgia Kyrgyz Republic Papua New Guinea New Zealand Malaysia Thailand Azerbaijan Philippines Tajikistan Solomon Islands Nepal Hong Kong, China Japan Cambodia Pakistan Source: Table 3.9. Sri Lanka Kazakhstan Azerbaijan Tonga Myanmar Brunei Darussalam Solomon Islands Tajikistan Kyrgyz Republic Timor-Leste Afghanistan FSM FSM = Federated States of Micronesia, GDP = gross domestic product, PRC = People s Republic of China. Source: Table The ratio of nonperforming loans (NPLs) to total gross loans declined in about half of the reporting economies in the region in Of the 27 economies for which data are available, NPLs as a percentage of total loans declined in 14 economies, increased in 12, and remained unchanged in 1 between 2013 and 2014 (Figure 3.7). The largest increases in the NPLs-to-total gross loans ratio occurred in Azerbaijan (from 4.5% to 12.7%) and Tajikistan (from 13.6% to 21.2%). Kazakhstan recorded the most significant decline in NPLs as a share of total gross loans (from 31.4% to 23.6%), yet still had the highest ratio in the region.

6 Money, Finance, and Prices 255 Figure 3.7: Nonperforming Bank Loans, 2013 and 2014 (% of total gross loans) Kazakhstan Tajikistan Azerbaijan Pakistan Bhutan Bangladesh Samoa share prices. 4 India s stock market saw the second largest gains in 2014 at 25.2%, boosted by foreign capital inflows and rapid economic growth. The only economies in the region to experience stock market declines in 2014 were Papua New Guinea ( 12.3%), the Maldives ( 4.8%), and Thailand ( 0.2%). Figure 3.8: Stock Market Index, 2013 and 2014 (annual % change) Regional Trends and Tables Armenia Afghanistan Kyrgyz Republic India Sri Lanka Brunei Darussalam Georgia Thailand Indonesia Philippines Japan Malaysia PRC Australia New Zealand Singapore Korea, Rep. of Hong Kong, China Uzbekistan Taipei,China PRC = People s Republic of China. Source: Table Pakistan India Viet Nam Bangladesh New Zealand Japan Sri Lanka Taipei,China Indonesia Malaysia Hong Kong, China Philippines PRC Singapore Australia Korea, Rep. of Fiji Thailand Maldives Papua New Guinea PRC = People s Republic of China. Source: Table Stock market performances were largely positive across the region in Stock market indexes rose in 17 out of 20 reporting economies in 2014 (Figure 3.8). Pakistan s stock market soared for a second consecutive year, leading the region with growth of 37.4% in 2014 after rising 45.8% in Increased foreign capital inflows, a strengthening rupee, record foreign exchange reserves, and business-friendly reforms all contributed to rising 4 M. Z. Khan : A Year of Growth for the Pakistani Capital Market. Dawn. 1 January.

7 256 Key Indicators for Asia and the Pacific 2015 Data issues and comparability Some economies need to meet international reporting standards and classifications on the compilation of monetary and financial statistics, as detailed by the International Monetary Fund on its Dissemination Standards Bulletin Board. 5 The consumer price index coverage differs from country to country. Sometimes the basket of goods and services in the index is outdated or represents only urban areas or the capital city. Other price measurements, such as the wholesale price index and the producer price index, are not available in the Pacific countries. Broad money supply in most economies relates to M2. However, 9 of the 43 reporting economies report M3, which is broader than M2 as it also includes less liquid financial assets, thereby posing limits to comparability. The methodology in compiling or measuring banks average deposit and lending rates also varies for each economy. Some countries use the central bank policy rate while others use the commercial bank rates. 5 International Monetary Fund. Dissemination Standards Bulletin Board.

8 Money, Finance, and Prices Prices 257 Table 3.1: Growth Rates of Consumer Price Index a (%) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan. 2, Turkmenistan Uzbekistan Regional Trends and Tables China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka b Brunei Darussalam Cambodia b Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati b Marshall Islands b Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands b Timor-Leste Tonga Tuvalu c Vanuatu b Australia Japan New Zealand = data not available at cutoff date, 0.0 = magnitude is less than half of unit employed, Lao PDR = Lao People s Democratic Republic. a Unless otherwise indicated, data refer to the whole economy. b Data refer to capital city. c Data prior to 1999 cover Funafuti only. Source: Economy sources.

9 258 Key Indicators for Asia and the Pacific 2015 Prices Table 3.2: Growth Rates of Food Consumer Price Index a (%) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan. 3, Turkmenistan Uzbekistan China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka b Brunei Darussalam Cambodia b Indonesia c Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati b Marshall Islands b Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands b Timor-Leste Tonga Tuvalu d Vanuatu b Australia Japan New Zealand not available at cutoff date, = magnitude equals zero, 0.0 = magnitude is less than half of unit employed, Lao PDR = Lao People s Democratic Republic. a Coverage of food varies by economy. Unless otherwise indicated, data refer to the whole economy. b Refers to capital city. c For 1990 and 1995, data refer to Consumer Price Index for 27 cities; for 2000, 43 cities; for , 45 cities; and for 2008 on, 66 cities. d Data prior to 1999 cover Funafuti only. Sources: Economy sources; and for the People s Republic of China: CEIC Data Company (accessed 8 August 2015).

10 Money, Finance, and Prices Prices 259 Table 3.3: Growth Rates of Nonfood Consumer Price Index a (%) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan 1, Turkmenistan Uzbekistan Regional Trends and Tables China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia b Indonesia c Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati b Marshall Islands b Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands b Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = data not available at cutoff date, 0.0 = magnitude is less than half of unit employed, Lao PDR = Lao People s Democratic Republic. a Coverage of food varies by economy. Unless otherwise indicated, data refer to the whole economy. b Refers to capital city. c For 1990 and 1995, data refer to Consumer Price Index for 27 cities; for 2000, 43 cities; for , 45 cities; and for 2008 on, 66 cities. Sources: Economy sources; and Asian Development Bank estimates based on Consumer Price Index weights from official sources.

11 260 Key Indicators for Asia and the Pacific 2015 Prices Table 3.4: Growth Rates of Wholesale/Producer Price Index (%) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh a Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = data not available at cutoff date, 0.0 = magnitude is less than half of unit employed, Lao PDR = Lao People s Democratic Republic. a For agricultural and industrial products only. Source: Economy sources.

12 Money, Finance, and Prices 261 Table 3.5: Growth Rates of GDP Deflator (%) Regional Member Afghanistan Armenia Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan Regional Trends and Tables China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia Japan New Zealand = data not available at cutoff date, 0.0 = magnitude is less than half of unit employed, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic. Sources: Economy sources; and United Nations Statistics Division. United Nations National Accounts Main Aggregates Database: selcountry.asp (accessed June 2015).

13 262 Key Indicators for Asia and the Pacific 2015 Money and Finance Table 3.6: Growth Rates of Money Supply (M2) (%) Regional Member Afghanistan Armenia Azerbaijan Georgia a Kazakhstan a Kyrgyz Republic Pakistan Tajikistan c Turkmenistan a Uzbekistan China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India a Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia b Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea a Samoa Solomon Islands a Timor-Leste Tonga Tuvalu Vanuatu Australia a Japan b New Zealand a = data not available at cutoff date, 0.0 = magnitude is less than half of unit employed, Lao PDR = Lao People s Democratic. a Refers to M3. b Data from 2000 refer to M3, otherwise M2. c Growth rate is not computed for 2008 as country reclassifed data from then and onward. Source: Economy sources.

14 Money, Finance, and Prices Money and Finance 263 Table 3.7: Money Supply (M2) (% of GDP) Regional Member Afghanistan Armenia Azerbaijan Georgia a Kazakhstan a Kyrgyz Republic Pakistan Tajikistan Turkmenistan a Uzbekistan Regional Trends and Tables China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan India a Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia a Myanmar Philippines Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea a Samoa Solomon Islands a Timor-Leste b Tonga Tuvalu Vanuatu Australia a Japan c New Zealand a = data not available at cutoff date, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic. a Refers to M3. b Gross domestic product (GDP) estimates before 2000 refer to non-oil GDP. c Data from 2005 refers to M3, otherwise M2. Sources: Economy sources; and United Nations Statistics Division and United Nations National Accounts Main Aggregates Database: selcountry.asp (accessed June 2015).

15 264 Key Indicators for Asia and the Pacific 2015 Money and Finance Table 3.8: Interest Rate on Savings and Time Deposits (% per annum, period averages) Regional Member Savings Deposits Time Deposits a Afghanistan Armenia Azerbaijan b Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan c Turkmenistan Uzbekistan China, People's Rep. of Hong Kong, China Korea, Rep. of Mongolia Taipei,China Bangladesh Bhutan d India Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines e Singapore Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor-Leste c Tonga b,f Tuvalu Vanuatu Australia Japan c,g New Zealand b = data not available at cutoff date, Lao PDR = Lao People s Democratic Republic. a Refers to interest rate on time deposits of over 12 months, unless otherwise indicated. b Figures are derived simple averages of monthly rates for time deposits of 6 months. c For time deposits of 12 months. d For fixed deposits of 1 year to less than 3 years. e Refers to rates charged on interest-bearing deposits with maturities of over 1 year. f Beginning 1996, figures refer to weighted averages. g Refers to time deposits from 12 months to less than 2 years. It is computed as the arithmetic average of the monthly figures. Sources: Economy sources; and for the People s Republic of China: CEIC Data Company (accessed 8 August 2015).

16 Money, Finance, and Prices Money and Finance 265 Table 3.9: Yield on Short-Term Treasury Bills and Lending Interest Rate (% per annum, period averages) Regional Member Yield on Short-Term Treasury Bills a Lending Interest Rate Afghanistan Armenia Azerbaijan Georgia (1996) Kazakhstan Kyrgyz Republic (1996) Pakistan b Tajikistan c Turkmenistan Uzbekistan Regional Trends and Tables China, People's Rep. of d Hong Kong, China Korea, Rep. of e Mongolia Taipei,China f Bangladesh Bhutan c India g Maldives h (1996) Nepal (1996) Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR i (1991) Malaysia Myanmar Philippines Singapore Thailand j Viet Nam k (1993) 20.1 (1996) Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea l Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia m Japan New Zealand n = data not available at cutoff date, 0.0 = magnitude is less than half of unit employed, Lao PDR = Lao People s Democratic Republic. a Refers to 3-month treasury bills unless otherwise indicated. b Refers to weighted average yield on 6-month treasury securities. c Refers to 91-day treasury bills. d Refers to 3-month treasury bonds trading rate. e Refers to 91-day certificates of deposit. f Refers to base lending rates but figures before 2003 are prime lending rates. g Figures are for fiscal year ending March. h Refers to rate on 28-day treasury bills. i Refers to weighted average auction rate for 6-month treasury bills. j Refers to government securities bills. k Refers to average monthly yield on 360-day treasury bills sold at auction. l Refers to rate on 182-day treasury bills. m Refers to 90-day bank-accepted bills. n Refers to financing bill rate. Sources: International Monetary Fund. International Financial Statistics CD-ROM (May 2015); World Bank. World Development Indicators Online. org/data-catalog/world-development-indicators (accessed 20 July 2015); and economy sources.

17 266 Key Indicators for Asia and the Pacific 2015 Money and Finance Table 3.10: Domestic Credit Provided by Banking Sector and Bank Nonperfoming Loans Regional Member Domestic Credit Provided by Banking Sector a (% of GDP) Bank Nonperfoming Loans (% of total gross loans) Afghanistan Armenia b,c Azerbaijan Georgia Kazakhstan Kyrgyz Republic Pakistan Tajikistan Turkmenistan Uzbekistan China, People's Rep. of Hong Kong, China d Korea, Rep. of e Mongolia Taipei,China Bangladesh Bhutan India e Maldives Nepal Sri Lanka Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia f Myanmar Philippines g,h Singapore i Thailand Viet Nam Cook Islands Fiji Kiribati Marshall Islands Micronesia, Fed. States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu Australia j Japan k New Zealand = data not available at cutoff date, 0.0 = magnitude is less than half of unit employed, GDP = gross domestic product, Lao PDR = Lao People s Democratic Republic. a Domestic credit provided by the banking sector as a share of GDP is a measure of banking sector depth and finance sector development in terms of size. Since the claims on the central government are a net item (claims on the central government minus central government deposits), this net figure may be negative, resulting in a negative figure of domestic credit provided by the banking sector. b Loans classified as loss, which are fully provisioned against, are held off-balance sheet. c Includes loans that are overdue less than 90 days. d Loans classified as substandard, doubtful, loss, and not necessarily linked to a 90-day criterion. e Unless otherwise indicated, data refer to the end of the fiscal year, i.e., March of the indicated calendar year. f Loans with principal and/or interest over 180 days; credit card debt and bankers acceptances over 90 days; and loans secured by cash and cash substitutes past 365 days. g Thirty days for loans payable in lump sum or payable in quarterly, semi-annual, or annual installments; 90 days for loans payable in monthly installments; as soon as they are past due for loans payable in daily, weekly, or semi-monthly installments. h Interbank loans are excluded. i Nonbank nonperforming loans to total nonbank loans. Other characteristics may be considered beyond the 90-day past-due criterion to classify a loan as non-performing. j Includes both impaired and past due items. k For nine major banks only. Unless otherwise indicated, data refer to the end of the fiscal year, i.e., March of the next calendar year. Sources: World Bank. World Development Indicators Online. (accessed 20 July 2015); and economy sources.