Composite interest rate rises to 2.17% in January

It is because of increased weighted funding costs for deposits.

The composite interest rate rose to 2.17% at the end of January from December 2022’s 2.11%, according to the Hong Kong Monetary Authority.

Read more: HKMA raises its base rate to 5.00%

The rise is due to the increased weighted funding costs for deposits during the last month.

Meanwhile, the Monetary Authority recorded a 3-month Hong Kong Interbank Offered Rate (HIBOR) of 3.67%