HKMA Exchange Fund Balance Sheet: Fiscal reserves+equity
This page shows items from the balance sheet of the Exchange Fund (EF) of the Hong Kong Monetary Authority (HKMA), updated monthly. As the HKSAR Government places most of its fiscal reserves with the EF, we can see the drawdown during the Coronavirus pandemic and other times since 1996, as well as the changes in the banking system's aggregate balance.
The default view shows "Fiscal reserves+equity", which is the sum of the Government's fiscal (tax) reserves and the equity, or accumulated gains, of the EF, which are mostly available to the Government, as the EF only needs a small buffer to ensure that the currency board or "USD-HKD peg" will have sufficient assets to cover its liabilities.
A further amount, "HKSARG funds & statutory bodies" includes the Bond Fund (amounts set aside for repayment of Government bonds) as well as money held for bodies such as the Research Endowment Fund, Housing Authority and Hospital Authority. Various amounts have been expensed in the HKSARG budget and placed into these dedicated silos over the years.
"Certificates of indebtedness" are amounts due to the 3 note-issuing banks which in turn issue bank notes (excluding the HK$10 note issued by the HKMA). For a breakdown of physical currency in circulation, click here.
To zoom in or out, use the range-selector buttons or the slider, or pinch the charts on a touch screen. Use the top-right hamburger menu to save or print.
| Date | Amount HK$m |
|---|---|
| 2024-02-29 | 1,373,966 |
| 2024-01-31 | 1,377,570 |
| 2023-12-31 | 1,348,585 |
| 2023-11-30 | 1,268,774 |
| 2023-10-31 | 1,205,138 |
| 2023-09-30 | 1,232,268 |
| 2023-08-31 | 1,313,704 |
| 2023-07-31 | 1,367,150 |
| 2023-06-30 | 1,390,146 |
| 2023-05-31 | 1,369,711 |
| 2023-04-30 | 1,449,797 |
| 2023-03-31 | 1,469,883 |
| 2023-02-28 | 1,479,451 |
| 2023-01-31 | 1,503,342 |
| 2022-12-31 | 1,322,430 |
| 2022-11-30 | 1,227,168 |
| 2022-10-31 | 1,146,291 |
| 2022-09-30 | 1,191,906 |
| 2022-08-31 | 1,342,856 |
| 2022-07-31 | 1,445,570 |
| 2022-06-30 | 1,456,934 |
| 2022-05-31 | 1,519,569 |
| 2022-04-30 | 1,536,461 |
| 2022-03-31 | 1,664,326 |
| 2022-02-28 | 1,733,764 |
| 2022-01-31 | 1,760,282 |
| 2021-12-31 | 1,780,086 |
| 2021-11-30 | 1,629,653 |
| 2021-10-31 | 1,594,621 |
| 2021-09-30 | 1,596,461 |
| 2021-08-31 | 1,675,414 |
| 2021-07-31 | 1,692,181 |
| 2021-06-30 | 1,732,961 |
| 2021-05-31 | 1,778,058 |
| 2021-04-30 | 1,771,478 |
| 2021-03-31 | 1,759,817 |
| 2021-02-28 | 1,800,010 |
| 2021-01-31 | 1,785,039 |
| 2020-12-31 | 1,725,130 |
| 2020-11-30 | 1,666,485 |
| 2020-10-31 | 1,608,816 |
| 2020-09-30 | 1,650,185 |
| 2020-08-31 | 1,723,523 |
| 2020-07-31 | 1,742,203 |
| 2020-06-30 | 1,796,302 |
| 2020-05-31 | 1,813,917 |
| 2020-04-30 | 1,845,801 |
| 2020-03-31 | 1,814,191 |
| 2020-02-29 | 1,933,530 |
| 2020-01-31 | 1,948,240 |
| 2019-12-31 | 1,886,916 |
| 2019-11-30 | 1,789,988 |
| 2019-10-31 | 1,819,840 |
| 2019-09-30 | 1,824,718 |
| 2019-08-31 | 1,876,931 |
| 2019-07-31 | 1,898,407 |
| 2019-06-30 | 1,908,567 |
| 2019-05-31 | 1,883,554 |
| 2019-04-30 | 1,920,844 |
| 2019-03-31 | 1,903,889 |
| 2019-02-28 | 1,914,094 |
| 2019-01-31 | 1,898,666 |
| 2018-12-31 | 1,783,808 |
| 2018-11-30 | 1,707,312 |
| 2018-10-31 | 1,660,723 |
| 2018-09-30 | 1,701,101 |
| 2018-08-31 | 1,724,524 |
| 2018-07-31 | 1,754,704 |
| 2018-06-30 | 1,773,852 |
| 2018-05-31 | 1,810,278 |
| 2018-04-30 | 1,825,542 |
| 2018-03-31 | 1,832,049 |
| 2018-02-28 | 1,855,817 |
| 2018-01-31 | 1,885,080 |
| 2017-12-31 | 1,786,934 |
| 2017-11-30 | 1,725,022 |
| 2017-10-31 | 1,676,990 |
| 2017-09-30 | 1,655,665 |
| 2017-08-31 | 1,672,614 |
| 2017-07-31 | 1,665,505 |
| 2017-06-30 | 1,642,170 |
| 2017-05-31 | 1,595,935 |
| 2017-04-30 | 1,578,017 |
| 2017-03-31 | 1,556,267 |
| 2017-02-28 | 1,547,879 |
| 2017-01-31 | 1,532,900 |
| 2016-12-31 | 1,461,111 |
| 2016-11-30 | 1,414,412 |
| 2016-10-31 | 1,387,946 |
| 2016-09-30 | 1,385,343 |
| 2016-08-31 | 1,392,923 |
| 2016-07-31 | 1,395,767 |
| 2016-06-30 | 1,376,849 |
| 2016-05-31 | 1,395,179 |
| 2016-04-30 | 1,415,228 |
| 2016-03-31 | 1,409,563 |
| 2016-02-29 | 1,388,831 |
| 2016-01-31 | 1,402,597 |
| 2015-12-31 | 1,378,403 |
| 2015-11-30 | 1,389,893 |
| 2015-10-31 | 1,362,565 |
| 2015-09-30 | 1,310,570 |
| 2015-08-31 | 1,349,928 |
| 2015-07-31 | 1,422,609 |
| 2015-06-30 | 1,442,457 |
| 2015-05-31 | 1,477,994 |
| 2015-04-30 | 1,500,204 |
| 2015-03-31 | 1,465,308 |
| 2015-02-28 | 1,481,758 |
| 2015-01-31 | 1,472,658 |
| 2014-12-31 | 1,424,133 |
| 2014-11-30 | 1,432,110 |
| 2014-10-31 | 1,382,113 |
| 2014-09-30 | 1,355,318 |
| 2014-08-31 | 1,398,061 |
| 2014-07-31 | 1,401,874 |
| 2014-06-30 | 1,415,829 |
| 2014-05-31 | 1,417,043 |
| 2014-04-30 | 1,414,949 |
| 2014-03-31 | 1,404,653 |
| 2014-02-28 | 1,424,305 |
| 2014-01-31 | 1,436,233 |
| 2013-12-31 | 1,411,370 |
| 2013-11-30 | 1,366,536 |
| 2013-10-31 | 1,337,519 |
| 2013-09-30 | 1,309,979 |
| 2013-08-31 | 1,298,018 |
| 2013-07-31 | 1,332,566 |
| 2013-06-30 | 1,326,442 |
| 2013-05-31 | 1,379,140 |
| 2013-04-30 | 1,410,621 |
| 2013-03-31 | 1,374,114 |
| 2013-02-28 | 1,385,844 |
| 2013-01-31 | 1,404,353 |
| 2012-12-31 | 1,341,420 |
| 2012-11-30 | 1,287,218 |
| 2012-10-31 | 1,242,907 |
| 2012-09-30 | 1,229,864 |
| 2012-08-31 | 1,239,311 |
| 2012-07-31 | 1,246,731 |
| 2012-06-30 | 1,253,241 |
| 2012-05-31 | 1,237,988 |
| 2012-04-30 | 1,286,219 |
| 2012-03-31 | 1,280,959 |
| 2012-02-29 | 1,306,270 |
| 2012-01-31 | 1,304,388 |
| 2011-12-31 | 1,231,421 |
| 2011-11-30 | 1,198,027 |
| 2011-10-31 | 1,206,159 |
| 2011-09-30 | 1,161,968 |
| 2011-08-31 | 1,209,498 |
| 2011-07-31 | 1,225,735 |
| 2011-06-30 | 1,213,260 |
| 2011-05-31 | 1,232,418 |
| 2011-04-30 | 1,239,686 |
| 2011-03-31 | 1,213,757 |
| 2011-02-28 | 1,224,872 |
| 2011-01-31 | 1,228,514 |
| 2010-12-31 | 1,183,785 |
| 2010-11-30 | 1,133,391 |
| 2010-10-31 | 1,122,355 |
| 2010-09-30 | 1,112,771 |
| 2010-08-31 | 1,080,940 |
| 2010-07-31 | 1,081,295 |
| 2010-06-30 | 1,056,475 |
| 2010-05-31 | 1,055,359 |
| 2010-04-30 | 1,090,429 |
| 2010-03-31 | 1,087,257 |
| 2010-02-28 | 1,091,090 |
| 2010-01-31 | 1,093,799 |
| 2009-12-31 | 1,057,580 |
| 2009-11-30 | 1,042,631 |
| 2009-10-31 | 994,033 |
| 2009-09-30 | 997,140 |
| 2009-08-31 | 989,778 |
| 2009-07-31 | 993,757 |
| 2009-06-30 | 973,769 |
| 2009-05-31 | 985,435 |
| 2009-04-30 | 959,383 |
| 2009-03-31 | 943,231 |
| 2009-02-28 | 952,408 |
| 2009-01-31 | 981,748 |
| 2008-12-31 | 1,011,855 |
| 2008-11-30 | 935,455 |
| 2008-10-31 | 872,534 |
| 2008-09-30 | 944,575 |
| 2008-08-31 | 1,009,658 |
| 2008-07-31 | 1,033,845 |
| 2008-06-30 | 1,039,674 |
| 2008-05-31 | 1,082,713 |
| 2008-04-30 | 1,103,785 |
| 2008-03-31 | 1,086,729 |
| 2008-02-29 | 1,096,884 |
| 2008-01-31 | 1,087,681 |
| 2007-12-31 | 1,081,565 |
| 2007-11-30 | 1,055,433 |
| 2007-10-31 | 1,017,674 |
| 2007-09-30 | 971,946 |
| 2007-08-31 | 945,854 |
| 2007-07-31 | 939,909 |
| 2007-06-30 | 924,834 |
| 2007-05-31 | 921,541 |
| 2007-04-30 | 921,193 |
| 2007-03-31 | 899,834 |
| 2007-02-28 | 877,031 |
| 2007-01-31 | 874,217 |
| 2006-12-31 | 832,238 |
| 2006-11-30 | 824,000 |
| 2006-10-31 | 784,762 |
| 2006-09-30 | 776,696 |
| 2006-08-31 | 780,663 |
| 2006-07-31 | 780,327 |
| 2006-06-30 | 777,053 |
| 2006-05-31 | 781,458 |
| 2006-04-30 | 788,861 |
| 2006-03-31 | 773,541 |
| 2006-02-28 | 771,548 |
| 2006-01-31 | 776,461 |
| 2005-12-31 | 740,232 |
| 2005-11-30 | 732,996 |
| 2005-10-31 | 698,614 |
| 2005-09-30 | 702,432 |
| 2005-08-31 | 708,820 |
| 2005-07-31 | 712,919 |
| 2005-06-30 | 718,712 |
| 2005-05-31 | 724,275 |
| 2005-04-30 | 728,244 |
| 2005-03-31 | 724,892 |
| 2005-02-28 | 722,838 |
| 2005-01-31 | 725,535 |
| 2004-12-31 | 703,682 |
| 2004-11-30 | 696,605 |
| 2004-10-31 | 656,740 |
| 2004-09-30 | 661,322 |
| 2004-08-31 | 663,774 |
| 2004-07-31 | 664,283 |
| 2004-06-30 | 657,753 |
| 2004-05-31 | 661,407 |
| 2004-04-30 | 663,022 |
| 2004-03-31 | 679,152 |
| 2004-02-29 | 668,511 |
| 2004-01-31 | 668,161 |
| 2003-12-31 | 637,175 |
| 2003-11-30 | 621,824 |
| 2003-10-31 | 609,272 |
| 2003-09-30 | 611,777 |
| 2003-08-31 | 618,236 |
| 2003-07-31 | 630,809 |
| 2003-06-30 | 652,314 |
| 2003-05-31 | 665,903 |
| 2003-04-30 | 655,512 |
| 2003-03-31 | 648,448 |
| 2003-02-28 | 642,729 |
| 2003-01-31 | 646,787 |
| 2002-12-31 | 628,843 |
| 2002-11-30 | 631,287 |
| 2002-10-31 | 620,652 |
| 2002-09-30 | 620,797 |
| 2002-08-31 | 640,847 |
| 2002-07-31 | 652,513 |
| 2002-06-30 | 667,191 |
| 2002-05-31 | 676,620 |
| 2002-04-30 | 680,239 |
| 2002-03-31 | 676,408 |
| 2002-02-28 | 690,500 |
| 2002-01-31 | 697,902 |
| 2001-12-31 | 683,191 |
| 2001-11-30 | 693,919 |
| 2001-10-31 | 678,895 |
| 2001-09-30 | 677,594 |
| 2001-08-31 | 693,858 |
| 2001-07-31 | 704,301 |
| 2001-06-30 | 710,884 |
| 2001-05-31 | 724,739 |
| 2001-04-30 | 731,853 |
| 2001-03-31 | 735,126 |
| 2001-02-28 | 747,711 |
| 2001-01-31 | 758,702 |
| 2000-12-31 | 724,261 |
| 2000-11-30 | 711,386 |
| 2000-10-31 | 697,800 |
| 2000-09-30 | 699,157 |
| 2000-08-31 | 715,965 |
| 2000-07-31 | 719,326 |
| 2000-06-30 | 719,428 |
| 2000-05-31 | 715,166 |
| 2000-04-30 | 722,012 |
| 2000-03-31 | 739,816 |
| 2000-02-29 | 702,195 |
| 2000-01-31 | 692,071 |
| 1999-12-31 | 683,064 |
| 1999-11-30 | 679,625 |
| 1999-10-31 | 654,108 |
| 1999-09-30 | 660,384 |
| 1999-08-31 | 671,887 |
| 1999-07-31 | 672,492 |
| 1999-06-30 | 682,405 |
| 1999-05-31 | 676,093 |
| 1999-04-30 | 691,837 |
| 1999-03-31 | 682,941 |
| 1999-02-28 | 671,194 |
| 1999-01-31 | 673,680 |
| 1998-12-31 | 666,807 |
| 1997-12-31 | 427,855 |
| 1997-06-30 | 364,055 |
| 1996-12-31 | 318,760 |
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