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The composite interest rate fell to 0.13% at the end of September, from 0.15% at the end of August, the Monetary Authority says.
Following a fall of one basis point in August, the two-basis-point fall in September was brought about by downward adjustments in time deposit rates.
Authority Deputy Chief Executive Peter Pang said today ample liquidity in the banking system continued to underpin the decline in the average cost of funds of banks. He expected the composite interest rate will continue to be affected by domestic as well as external monetary conditions.
In September time deposit rates fell slightly while local interbank offering rates rose across-the-board by 0.1 to six basis points.
Past data of the composite interest rate is available from the authority's Monthly Statistical Bulletin.
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