The PBC took a decision to slash small-value deposit rates on the US dollar, pound sterling, Euro, Hongkong dollar, Canadian dollar and Swiss franc on November 19, 2002. Interest rates of one-year deposits for the US dollar, pound sterling, Euro, Hongkong dollar, Canadian dollar and Swiss franc will be cut by 0.4375, 0.25, 0.1875, 0.3125, 0.0625 and 0.5 percentage points respectively. (See Table)
Table: Small-value foreign currency deposit rates after adjustment
annualized rate: %
| Maturities |
US dollar* |
Pound sterling* |
Euro* |
Japanese Yen |
Hongkong dollar* |
Canadian dollar* |
Swiss franc* |
| Demand deposit |
0.1250 |
0.2500 |
0.2000 |
0.0001 |
0.1250 |
0.1500 |
0.1000 |
| 7 day notice |
0.2500 |
0.9375 |
0.6250 |
0.0005 |
0.3125 |
0.6250 |
0.1250 |
| 1-month |
0.5000 |
1.5000 |
1.1875 |
0.0100 |
0.6250 |
1.1250 |
0.1875 |
| 3-month |
0.5625 |
1.8750 |
1.4375 |
0.0100 |
0.7500 |
1.3125 |
0.2500 |
| 6-month |
0.6875 |
2.1875 |
1.6250 |
0.0100 |
0.9375 |
1.5000 |
0.3125 |
| 1-year |
0.8125 |
2.5625 |
1.8750 |
0.0100 |
1.1250 |
1.5625 |
0.4375 |
| 2-year |
0.9375 |
2.6875 |
2.0000 |
0.0100 |
1.2500 |
1.6250 |
0.5000 |
Note: Effective on November 19, 2002
