The composite interest rate rose to 0.85% at the end of June, from 0.75% at the end of May, the Monetary Authority says.

Following a drop of four basis points in May, the mild rise in June reflected upward adjustments of time deposit and interbank rates, while savings deposit rates were unchanged.

Having risen in June, interbank rates were steady in the past two weeks, as expectations of an imminent interest rate increase by the US Federal Reserve receded.