Hong Kong – Adjustment of Base Rate
Adjustment of Base Rate
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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (May 4) that the Base Rate has been set at 5.5 per cent with immediate effect according to a pre-set formula.
The Base Rate is the interest rate forming the foundation upon which the Discount Rates for repurchase transactions through the Discount Window are computed. The Base Rate is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs), whichever is the higher.
Following the 25-basis point upward adjustment in the target range for the US federal funds rate on May 3 (US time), 50 basis points above the lower end of the prevailing target range for the US federal funds rate is 5.5 per cent, while the average of the five-day moving averages of the overnight and one-month HIBORs is 3.28 per cent. The Base Rate is therefore set at 5.5 per cent according to the pre-set formula.
Adjustment to Value Bands of Ad Valorem Stamp Duty payable for sale and purchase or transfer of residential and non-residential properties (Scale 2 rates)
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The aforementioned adjustment to the value bands of AVD (Scale 2 rates) will be implemented through the Stamp Duty (Amendment) Bill 2023 (the Bill). The Chief Executive has made the Public Revenue Protection (Stamp Duty) Order 2023 (the Order) by exercising his statutory powers to give full force and effect of law to the Bill so long as the Order remains in force. The Order and the Bill will be published in the Gazette today and on March 3 respectively, and introduced into LegCo on March 15.
Any instruments executed before 11am on the Effective Date remain chargeable to AVD at the original Scale 2 rates.
Adjustment of Base Rate
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October 2022 adjustment in ceiling prices for dedicated LPG filling stations
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Adjustment of Base Rate
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Hong Kong – Adjustment to Value Bands of Ad Valorem Stamp Duty payable for sale and purchase or transfer of residential and non-residential properties (Scale 2 rates)
The 2023-24 Budget announced the adjustment of value bands of the Ad Valorem Stamp Duty (AVD) (Scale 2 rates) payable for sale and purchase or transfer of residential and non-residential properties, with a view to easing the burden on ordinary families of purchasing their first residential properties. The adjustment have come into effect at 11am today (February 22) (the Effective Date).
At present, AVD at Scale 2 rates is mainly applicable to acquisition of residential properties (subject to specific conditions) and acquisition of non-residential properties. Only the acquisition of residential property by a Hong Kong permanent resident who is acting on his or her own behalf and is not a beneficial owner of any other residential property in Hong Kong at the time of acquisition is chargeable to AVD at Scale 2 rates. The value bands on which the AVD Scale 2 rates apply have not been adjusted since 2010. The value bands proposed in Budget is at Annex.Hong Kong – Adjustment of Base Rate
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (November 3) that the Base Rate was adjusted upward to 4.25 per cent with immediate effect according to a pre-set formula.
The Base Rate is the interest rate forming the foundation upon which the Discount Rates for repurchase transactions through the Discount Window are computed. The Base Rate is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs), whichever is the higher.
Following the 75-basis point upward adjustment in the target range for the US federal funds rate on November 2 (US time), 50 basis points above the lower end of the prevailing target range for the US federal funds rate is 4.25 per cent, while the average of the five-day moving averages of the overnight and one-month HIBORs is 2.73 per cent. The Base Rate is therefore set at 4.25 per cent according to the pre-set formula.
Hong Kong – October 2022 adjustment in ceiling prices for dedicated LPG filling stations
The Electrical and Mechanical Services Department today (September 22) announced an adjustment to the auto-LPG (liquefied petroleum gas) ceiling prices for dedicated LPG filling stations from October 1 to October 31, 2022, in accordance with the terms and conditions of the contracts of the dedicated LPG filling stations.
A department spokesman said that the adjustment on October 1, 2022, reflects the movement of the LPG international price in September 2022. The adjusted auto-LPG ceiling prices for dedicated LPG filling stations will range from $3.88 to $4.46 per litre, representing a decrease of $0.12 per litre.
The spokesman said that the auto-LPG ceiling prices were adjusted according to a specified pricing formula. The formula comprises two elements – the LPG international price and the LPG operating price. The LPG international price is the LPG international price of the preceding month. The LPG operating price is adjusted on the first day of February every year according to the movement in the Composite Consumer Price Index in the previous year.
The auto-LPG ceiling prices for respective dedicated LPG filling stations in October 2022 are as follows:
Location of
Dedicated
LPG Filling StationAuto-LPG
Ceiling
Price in
October 2022
(HK$/litre)Auto-LPG
Ceiling
Price in
September 2022
(HK$/litre)
Fung Yip Street, Chai Wan
4.46
4.58
Ngo Cheung Road, West Kowloon
4.46
4.58
Sham Mong Road, Mei Foo
4.11
4.23
Yip Wong Road, Tuen Mun
4.11
4.23
Marsh Road, Wan Chai
4.10
4.22
Fung Mat Road, Sheung Wan
4.03
4.15
Wai Lok Street, Kwun Tong
4.03
4.15
Yuen Chau Tsai, Tai Po
4.03
4.15
Cheung Yip Street, Kowloon Bay
4.08
4.20
Kwai On Road, Kwai Chung
4.08
4.20
Hang Yiu Street, Ma On Shan
3.88
4.00
Tak Yip Street, Yuen Long
3.88
4.00
The spokesman said that the details of the LPG international price and the auto-LPG ceiling price of each dedicated LPG filling station have been uploaded to the department website www.emsd.gov.hk. They are also posted at dedicated LPG filling stations to enable the trades to monitor the price adjustment.
Details of the pricing adjustment mechanism for dedicated LPG filling stations can also be viewed under the “What’s New” section of the department website at www.emsd.gov.hk/en/what_s_new/current/index.html.
The dedicated LPG filling stations at Fung Mat Road in Sheung Wan, Kwai On Road in Kwai Chung and Cheung Yip Street in Kowloon Bay are closed for renovation. For details, please refer to the announcement in the webpage of the Electrical and Mechanical Services Department.
Hong Kong – Adjustment of Base Rate
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (June 16) that the Base Rate was adjusted upward to 2.00 per cent with immediate effect according to a pre-set formula.
The Base Rate is the interest rate forming the foundation upon which the Discount Rates for repurchase transactions through the Discount Window are computed. The Base Rate is currently set at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs), whichever is the higher.
Following the 75-basis point upward adjustment in the target range for the US federal funds rate on June 15 (US time), 50 basis points above the lower end of the prevailing target range for the US federal funds rate is 2.00 per cent, while the average of the five-day moving averages of the overnight and one-month HIBORs is 0.20 per cent. The Base Rate is therefore set at 2.00 per cent according to the pre-set formula.
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