Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1696586386145.pdf (Vanuatu)
RESERVE BANK OF VANUATU FINANCIAL & ECONOMIC ANALYSIS: March 2020 The news items covered in this publication do not necessarily imply any judgment by the Bank on the accuracy of the information or any endorsement or acceptance of such news Issue 259 March 2020 1. INTERNATIONAL DEVELOPMENTS FOREIGN RESERVE DEVELOPMENTS The corona virus outbreak, declared as a pandemic by the World Health Organization (WHO), continued to affect saw economies global economic activities, which implementing fiscal stimuluses and expansionary monetary policies to sustain economic growth.
Commodity prices recorded another slump in March which saw average crude oil prices dropping to USD$20.751 per barrel as a result of the crisis and also the price war between Saudi Arabia and Russia.

Energy prices also plunged by 18.4 percent over the March quarter.

Vanuatu’s major trading partner countries began reporting contractions in growth over the March period.
In the US, economic growth was estimated to have decreased by 4.8 percent2 on annual terms over the March quarter, largely underpinned by weakened production and consumption activities.

The Eurozone economy declined by 3.8 percent over the March quarter as compared to March quarter 2019 as a result of restrains in business activities due to COVID-19 (European Statistics Office).

According to the National Bureau of Statistics of China, China’s first quarter GDP decreased by 6.8 percent in annual terms.
In Australia, the Reserve Bank of Australia (RBA) reduced its cash rate target to 0.25 percent during its March Board meeting to support its economic recovery amidst the health crisis.

2.

EXCHANGE RATES DEVELOPMENTS At the end of March, the local currency (Vatu) strengthened against the AUD and NZD but weakened against the USD and Euro over the month and year, respectively.
Official foreign reserves held by the RBV at the end of March contracted by VT1.2 billion to a level of VT5, 8520 million, sufficient to cover around 13 months of the country’s imports of goods and services.

3.

DOMESTIC DEVELOPMENTS Tourism According to VNSO3, 6,594 air visitors and 16,493 cruise- ship visitors visited Vanuatu in February 2020.

The number of air visitors dropped over the month but was higher by 13.0 percent compared to February 2019.
Likewise, the number of cruise visitors fell over the month but rose by 67.5 percent over the year.

Vanuatu’s major air visitor markets rose over the year led by New Caledonia (35.8 percent), Australia (10.0 percent), Europe (29.6 percent), Other Countries (49.3 percent), North America (46.7 percent), Other Pacific Countries (10.1 percent), New Zealand (4.4 percent), Japan (29.8 percent) despite a drop in China (-67.2 percent).
The effect of travel restrictions due to the outbreak of Covid-19 epidemic in China was the main factor contributing to the drop in Chinese visitors in February.

Holiday visitors, which make up 71 percent of total visitor arrivals in the month, rose by 7.4 percent over the year, followed by growth in visitor arrivals for other purposes, stopovers, visiting friends and relatives, and business and meetings.
In February 2020, the number of visitors that traveled to outer islands of Vanuatu rose by 27.2 percent over the same month of 2019 although there were fewer visitors when compared to January 2020.

Compared with the same period of last year, cumulative January to February 2020 arrivals recorded a 20.4 percent growth in air visitors (18,527 visitors) and 116.2 percent growth in cruise-ship visitors (52,516 visitors).
1 29 March 2020 prices 2 Advanced “estimate” by the Bureau of Economic Analysis 3 Vanuatu National Statistics Office 1 USDAUDNZDEUROUSDAUDMar-20122.3875.4973.59135.15121.7575.85Feb-20119.078.275.1125.6117.778.6Jan-20117.078.675.9129.1115.579.4Mar-19113.680.477.0127.5113.380.3End RatesAverage RatesVatu per foreign currency 4.

MONETARY DEVELOPMENTS Money supply rose 1.1 percent and 5.5 percent over the month and over the year to February 2020, respectively.
The money supply growth continued to reflect the continuous accumulation of net foreign assets (NFA) while domestic credit continued to decline.

Chart 1: Determinants of Money Supply (yoy% Change) Lending by OFIs5 declined further by 1.5 percent and 16.3 percent, month-on-month and year-on-year, respectively, to reach VT1, 707.8 million in February 2020.
The central government’s net credit position vis-à-vis the banking system improved further in February owing mainly to the accumulation of Government deposits with ODCs’.

Moreover, the Government’s net credit position has remained favorable over the year to February 2020.

Claims on the central government by OFIs has remained at VT2, 100 million.
Chart 3: Net Claims of the Vanuatu Government vis-à- vis the Banking Sector (BVT) NFA expanded 3.1 percent and 29.2 percent, month-on- month and year-on-year, each.

This trend reflected the continuous built up of foreign reserves by both the Reserve Bank and other Depository Corporations (ODCs).

Overall, this implied that foreign currency liquidity has remained adequate in the domestic banking sector.
Domestic credit contracted further by 1.0 percent in February and 10.7 percent over the year to February 2020, respectively.

The month-on-month trend was attributed to the decline in net credit to the central government, which outweighed the slight pick-up in claims on other sectors, particularly private sector credit.

Private sector credit4 rose by 0.6 percent month-on-month, owing mainly to a rise in credit to non-financial corporations.
This signified that business loans have started to pick-up this month; however, the annual growth remained at negative 1.2 percent.

Total loans extended by ODCs to various sectors are depicted in table A4.

Chart 2: Private Sector Credit (yoy% Change) Open Market Operations (OMO) During March 2020, the Bank conducted four Open Market Operations and sold VT2400 million worth of RBV Notes; an increase from VT1800 million issued during the previous month.
Total bids received amounted VT5950 million, compared with VT4180 million bids received in February 2020.
Allotments were made as follow: 7 days: VT560 million   14 days: VT560 million  28 days: VT470 million  63 days: VT400 million  91 days: VT400 million 4 Comprises of credit to non-financial corporations and other resident sectors 2 5 OFI: Other Financial Institutions cover Credit Corporation; Vanuatu Agriculture Bank; and Vanuatu National Provident Fund -15-10-5051015202530-40-30-20-100102030405060708090100Feb-16Feb-17Feb-18Feb-19Feb-20NFA (LHS)Domestic Claims (RHS)M2 (RHS)%%Source:Other Depository Corporations; Reserve Bank-6-4-20246810121416-6-4-20246810121416Feb-16Feb-17Feb-18Feb-19Feb-20 Loans & advances toNonfinancial CorporationsTotal Private Sector CreditLoans & advances to Individual /HouseholdsTotal Loans%%Source: OtherDepository Corporations; RBV-18-16-14-12-10-8-6-4-202-18-16-14-12-10-8-6-4-202Feb-16Feb-17Feb-18Feb-19Feb-20TotalOther Depository Corporations'(net)Reserve Bank (net)Source: OtherDepository Corporations;RBVBvtBvt Chart 4: Outstanding RBV Notes (Levels, millions of Vatu, Month-End Data) Yields of RBV Notes Yields on RBV Notes as of end March 2020: Term End Mar.20 End Feb.20 7 days: 0.25% 0.25% 14 days: 0.25% 0.25% 28 days: 0.29% 0.30% 63 days: 0.33 % 0.34% 91 days: 0.27% 0.29% Chart 5: 91-days RBV Notes Yield (Levels, Percentage, Month-end Position) Total outstanding RBV Notes rose to VT3205 million at the end of March 2020, from VT2573 million in the previous month as illustrated in chart 4.
3 04008001,2001,6002,0002,4002,8003,20004008001,2001,6002,0002,4002,8003,200Mar-19Jun-19Sep-19Dec-19Mar-20RBV Notes OutstandingM vtM vtSource: RBV 4 TABLE A1 : CONDENSED BALANCE SHEET OF THE RESERVE BANK OF VANUATU (In Millions Vatu) End of PeriodFeb-19Nov-19Jan-20Feb-20%Change1 Month3 months12monthsClaims on nonresidents48,601.0 56,665.2 60,325.2 60,555.7 0.46.924.6Monetary gold and SDR holdings805.7 819.4 786.3 781.3 -0.6-4.7-3.0 Reserve Assets47,795.3 55,845.8 59,538.9 59,774.4 0.47.025.1Currency and Deposits21.2 14.5 22.7 26.4 16.281.524.5National currency21.2 14.5 22.7 26.4 16.281.524.5Securities other than shares2,829.4 2,827.7 2,527.6 2,527.6 0.0-10.6-10.7Central government2,829.4 2,827.7 2,527.6 2,527.6 0.0-10.6-10.7Loans78.3 81.7 84.0 83.8 -0.22.57.1Other depository corporationsOther residents sectors78.3 81.7 84.0 83.8 -0.22.57.1Other accounts receivable4,278.1 4,225.0 4,171.9 4,254.3 2.00.7-0.6Trade credit and advances108.6 21.1 123.2 101.5 -17.7380.3-6.5Settlement accounts440.5 509.9 351.7 456.9 29.9-10.43.7 Miscellaneous Assets3,729.0 3,693.9 3,696.9 3,696.0 0.00.1-0.9Nonfinancial assets1,696.2 1,698.6 1,681.9 1,677.1 -0.3-1.3-1.1TOTAL ASSETS57,504.2 65,512.7 68,813.2 69,125.0 0.55.520.2Monetary Base40,233.9 45,681.3 47,954.6 49,307.2 2.87.922.6Currency in Circulation7,967.8 9,173.0 9,148.6 9,022.7 -1.4-1.613.2Currency Other Depository Corporations ( Commecial banks cash)2,481.6 2,335.7 2,174.0 2,200.6 1.2-5.8-11.3Liabilities to Other Depository Corporations 29,784.4 34,172.6 36,632.0 38,083.9
 4.011.427.9 Reserve Deposits 3,852.4 4,029.4 4,157.8 4,157.8 0.03.27.9 Other Liablities25,932.0 30,143.2 32,474.2 33,926.1 4.512.530.8Liabilities to Central Government5,171.3 6,556.2 7,488.8 7,023.4 -6.27.135.8Deposits5,171.3 6,556.2 7,488.8 7,023.4 -6.27.135.8OtherLiabilities to non residents2,484.3 2,020.5 1,859.6 1,864.4 0.3-7.7-25.0Deposits2,484.3 2,020.5 1,859.6 1,864.4 0.3-7.7-25.0Securities other than shares1,755.5 2,879.2 2,929.0 2,318.9 -20.8-19.532.1Other Depository Corporation1,726.0 2,879.2 2,929.0
 2,318.9 -20.8-19.534.3Other financial Corporation29.5 - - - -100.0Loans19.9 9.2 13.0 13.6 4.247.5-32.0Liabilities to the IMF- Central Government 19.9 9.2 13.0 13.6 4.247.5-32.0Other accounts payable421.3 354.7 400.9 374.8 -6.55.7-11.0Trade credit and advances316.5 287.4 303.6 289.8 -4.60.8-8.5Other Sectors104.8 67.3 97.3 85.0 -12.626.3-18.9o/w Settlement Accounts88.4 52.5 74.3 58.4 -21.411.1-33.9Shares and other equity4,855.3 5,405.1 5,546.1 5,599.4 1.03.615.3SDR Allocation2,562.7 2,606.4 2,621.2 2,623.3 0.10.62.4TOTAL LIABILITIES57,504.2 65,512.7 68,813.2 69,125.0 0.55.520.2 5 TABLE A2a : CONDENSED BALANCE SHEET OF OTHER DEPOSITORY CORPORATIONS IN VANUATU ( In Millions VT)END OF PERIODFeb-19Nov-19Jan-20Feb-20%Change1 Month3 months12 MonthsDomestic currencyMonetary gold and SDRDeposits with RBVCurrency and deposits60,058.3 58,808.1 59,238.4 61,636.6 4.04.82.6Currency2,832.3 2,636.1 2,741.9 2,691.8 -1.82.1-5.0 National2,481.6 2,335.7 2,174.0 2,200.6 1.2-5.8-11.3 Foreign350.7 300.4 567.9 491.2 -13.563.540.1Transferable deposits33,535.4 37,355.0 40,221.7 41,754.6 3.811.824.5In Local currency:29,888.8 34,157.1 36,603.9 37,354.7 2.19.425.0Central Bank29,784.4 34,135.2 36,547.5 37,341.4 2.29.425.4 Other depository corporations96.3 13.8 - - 0.00.0 Nonresidents8.1 8.2 56.4 13.4 -76.363.164.4 Head offices and Branches- - - - Other depository corporations8.1 8.2 56.4 13.4 -76.363.164.4In foreign currency: 3,646.6 3,197.9 3,617.8 4,399.8 21.637.620.7Other depository
 corporations553.6 433.5 - - 0.00.0 Nonresidents3,093.0 2,764.3 3,617.8 4,399.8 21.659.242.2 Head offices and Branches97.0 89.0 292.4 156.7 -46.476.161.6 Other depository corporations2,996.0 2,675.4 3,325.3 4,243.1 27.658.641.6Other deposits 23,690.6 18,817.0 16,274.8 17,190.3 5.6-8.6-27.4In Local currency: Other depository corporations524.6 485.2 537.8 537.9 0.010.82.5Nonresidents0.0 - 0.0 - 0.00.0 Other depository corporations- - - - In foreign currency: Other depository corporations6,934.0 1,686.5 411.0 401.0
 -2.4-76.2-94.2 Nonresidents16,232.0 16,645.2 15,325.9 16,251.4 6.0-2.40.1 Head offices and Branches1,094.5 1,195.9 - 866.9 -27.5-20.8 Other depository corporations15,137.4 15,449.3 15,325.9 15,384.4 0.4-0.41.6Securities other than shares3,013.5 4,166.7 4,116.5 3,506.4 -14.8-15.816.4 Central Bank1,726.0 2,879.2 2,929.0 2,318.9 -20.8-19.534.3 Central Government1,287.5 1,287.5 1,187.5 1,187.5 0.0-7.8-7.8Loans63,063.2 63,263.4 62,137.6 62,419.3 0.5-1.3-1.0 Other depository corporations0.0 0.2 0.0 0.0 -61.5-97.9150.0 Other financial corporations42.4 76.0 74.0 70.5 -4.7-7.266.5 Central government- - - - State and local government71.8 64.0 65.6 67.7 3.25.8-5.7 Public nonfinancial corporations1,039.9 1,068.2 1,042.0 1,035.5 -0.6-3.1-0.4 Other nonfinancial corporations25,628.9 25,994.3 25,431.5 26,438.4 4.01.73.2 Other residents sectors34,745.0 34,508.9 33,998.0 33,298.5 -2.1-3.5-4.2 Nonresidents1,535.2 1,551.8 1,526.5 1,508.5 -1.2-2.8-1.7Interbank Funds sold- - - - Shares and Other Equity- - - - Other depository corporations- - - - Other accounts receivable 3,247.8 3,999.4 4,427.2 4,490.9 1.412.338.3 Trade credit and advances121.8 19.1 227.1 218.3 -3.91,043.579.3 Settlement accounts2,032.5 2,394.6 2,500.2 2,549.4 2.06.525.4 Miscellaneous assets items1,093.6 1,585.7 1,699.9 1,723.2 1.48.757.6Nonfinancial assets4,975.1 6,059.0 6,318.3 6,407.1 1.45.728.8TOTAL ASSETS134,358.0 136,296.7 136,238.0 138,460.3 1.61.63.1* From October 2018 data includes Wanfuteng Bank 6 TABLE A2b :
 CONDENSED BALANCE SHEET OF OTHER DEPOSITORY CORPORATIONS IN VANUATU ( In Millions VT)END OF PERIODFeb-19Nov-19Jan-20Feb-20%Change1 Month3 months12 MonthsDeposits103,834.6 106,550.3 105,650.6 107,873.5 2.11.23.9Transferable deposits56,500.0 62,295.5 62,711.0 63,962.6 2.02.713.2 In Local currency: 34,872.6 39,341.6 39,670.1 40,094.4 1.11.915.0 Other depository corporation537.6 496.7 339.8 359.3 5.7-27.7-33.2 Other financial corporations2,852.6 4,330.1 4,097.2 4,191.1 2.3-3.246.9 Central government3,157.5 3,960.8
 3,837.5 3,842.2 0.1-3.021.7 State and local governments147.7 99.9 117.3 114.9 -2.115.0-22.2 Public nonfinancial corporations443.3 918.0 759.2 585.0 -22.9-36.332.0 Other non financial corporations11,440.8 12,565.6 13,058.0 13,265.4 1.65.615.9 Other residents sectors16,293.1 16,970.4 17,461.0 17,736.6 1.64.58.9 Non-residents1,459.0 1,604.1 1,727.5 1,773.7 2.710.621.6 Other Depository and financial corporations12.7 14.7 13.6 10.2 -25.4-31.1-20.3 Other non residents1,446.3 1,589.3 1,713.9 1,763.6 2.911.021.9 In Foreign currency: 19,098.3 18,404.4 19,558.4 20,507.6 4.911.47.4 Other depository corporation850.5 564.6 119.2 120.8 1.4-78.6-85.8 Other financial corporations531.7 393.0 527.9 421.5 -20.27.2-20.7 Central government1,639.9 1,319.6 1,296.8 1,684.6 29.927.72.7 Public nonfinancial corporations177.1 237.4 180.5 133.5 -26.0-43.8-24.6 Other non financial corporations12,600.3 12,700.0 14,070.6 14,678.1 4.315.616.5 Other residents sectors2,871.1 2,714.7 2,857.3 2,955.4 3.48.92.9 Non-residents1,070.0 2,945.5 1,755.0 1,586.9 -9.6-46.148.3 Head office and Branches4.7 390.8 - 7.3 -98.155.3 Other Depository and financial corporations45.1 332.3 46.5 47.9 3.1-85.66.2 Other non residents1,020.2 2,222.4 1,708.6 1,531.7 -10.4-31.150.1Other deposits 47,334.7 44,254.7 42,939.6 43,910.9 2.3-0.8-7.2 In Local currency: 26,491.9 27,213.9 27,019.2 27,861.2 3.12.45.2 Other depository corporation358.5 483.2 812.4 814.1 0.268.5127.1 Other financial corporations5,702.1 5,426.5 5,415.7
 5,406.6 -0.2-0.4-5.2 Central government7,593.9 8,792.6 8,334.0 9,143.1 9.74.020.4 State and local governments117.3 115.4 115.9 116.0 0.00.5-1.2 Public nonfinancial corporations1,305.7 1,208.5 1,202.6 1,184.5 -1.5-2.0-9.3 Other non financial corporations2,603.3 2,746.8 2,889.9 2,903.5 0.55.711.5 Other residents sectors8,811.1 8,440.9 8,248.6 8,293.4 0.5-1.7-5.9 Non-residents542.6 588.8 1,048.6 1,041.7 -0.776.992.0 Other Depository and financial corporations- - - - Other non residents542.6 588.8 1,048.6 1,041.7
 -0.776.992.0 In Foreign currency: 15,404.9 13,996.7 13,535.8 13,668.8 1.0-2.3-11.3 Other depository corporation3,372.1 1,262.0 - - 0.00.0 Other financial corporations2,726.0 3,025.3 3,554.0 3,594.6 1.118.831.9 Central government- - - - Public nonfinancial corporations91.1 93.9 93.9 94.9 1.11.14.2 Other non financial corporations4,631.2 4,993.1 5,466.9 5,555.0 1.611.319.9 Other residents sectors4,584.6 4,622.5 4,421.0 4,424.3 0.1-4.3-3.5 Non-residents4,895.2 2,455.4 1,336.0 1,339.3 0.2-45.5-72.6 Other Depository and financial corporations- - - - Other non residents4,895.2 2,455.4 1,336.0 1,339.3 0.2-45.5-72.6Loans5,805.9 2,387.3 2,320.7 2,119.8 -8.7-11.2-63.5 Other depository Corporations3,241.3 419.3 410.4 415.7 1.3-0.9-87.2 Non residents2,564.6 1,968.0 1,910.3 1,704.1 -10.8-13.4-33.6 Head office and Branches2,514.0 1,828.8 1,763.5 1,651.1 -6.4-9.7-34.3 Other financial corporations50.6 139.2 146.8 53.0 -63.9-61.94.9Other accounts payable9,834.6 12,468.2 13,201.1 13,477.6 2.18.137.0 Trade credit and advances151.2 131.3 93.0 110.6 18.9-15.8-26.8 Settlement accounts1,933.5 2,200.2 2,271.3 2,317.0 2.05.319.8 Provisions for losses2,869.6 3,908.1 4,074.7 4,097.5 0.64.842.8 Accumulated depreciation2,716.9 3,037.8 3,161.2 3,207.4 1.55.618.1 Miscellaneous liability items2,163.4 3,190.8 3,600.8 3,745.1 4.017.473.1Shares and other equity14,882.9 14,890.8 15,065.7 14,989.4 -0.50.70.7#DIV/0!#DIV/0!#DIV/0!TOTAL LIABILITIES134,358.0 136,296.7 136,238.0 138,460.3 1.61.63.1* From
 October 2018 data includes Wanfuteng Bank 7 TABLE A3 : DEPOSITORY CORPORATION SURVEY (In Millions VT) END OF PERIODFeb-19Nov-19Jan-20Feb-20%Change1 Month3 months12 Months1.
Net Foreign Assets55,182.763,746.569,161.571,286.73.111.829.2Monetary Authorities (Net)43,554.152,038.355,844.456,068.00.47.728.7Other Depository Corporations (Net)11,628.611,708.313,317.115,218.714.330.030.92.
Net Domestic Claims36,261.530,310.026,302.225,198.2-4.2-16.9-30.5(a) Domestic Claims48,160.545,279.143,453.243,016.4-1.0-5.0-10.7(i) Net claims on central government-13,445.7-16,514.1-17,241.9-17,978.2-4.3-8.9-33.7 Monetary Authorities-2,341.9-3,728.5-4,961.1-4,495.89.4-20.6-92.0 Other Depository Corporations -11,103.9-12,785.6-12,280.8-13,482.4-9.8-5.5-21.4(ii) Claims on other Sectors61,606.361,793.260,695.160,994.60.5-1.3-1.0Other Financial Corporations 42.476.074.070.5-4.7-7.266.5State and local government71.864.065.667.73.25.8-5.7Public nonfinancial corporations1,039.91,068.21,042.01,035.5-0.6-3.1-0.4Other nonfinancial corporations25,628.925,994.325,431.526,438.44.01.73.2Other residents sectors34,823.334,590.734,082.033,382.3-2.1-3.5-4.1(b) Other items (net)-11,899.0-14,969.1-17,151.0-17,818.23.919.049.73.
Broad Money (M2)91,444.294,056.695,463.796,484.81.12.65.5(a) Money (M1)57,141.361,638.563,242.764,097.91.44.012.2(i) Currency in circulation7,967.89,173.09,148.69,022.7-1.4-1.613.2(ii) Transferable deposits49,173.552,465.554,094.155,075.21.85.012.0(b) Quasi-money34,302.932,418.032,221.032,386.90.5-0.1-5.6 Other Deposits34,302.932,418.032,221.032,386.90.5-0.1-5.6* From October 2018 data includes Wanfuteng BankTable A4: Other Depository Corporations Sectoral Distribution of Loans and Advances in Vatu and Foreign Currency (In Millions VT)*YOY % ChangeSECTORVTFCTotalVTFCTotalVTFCTotalDepository Institutions Domestic0.00.00.00.00.00.0Other Financial Corporations Domestic6.136.342.415.555.170.5155.251.766.5Central Government0.00.00.00.00.00.0Provincial Assemblies & Local Government71.80.071.867.70.067.7-5.70.0-5.7Statutory Non-financial Corporations Domestic552.1487.81,039.9638.6397.01,035.515.7-18.6-0.4Manufacturing793.8499.41,293.31,050.2532.61,582.832.36.622.4Agriculture824.793.8918.5930.9139.31,070.212.948.616.5 Public Utilities 295.90.0295.9176.876.8253.7-40.2-14.3 Forestry 6.20.06.20.087.487.40.01,312.3Fisheries19.10.019.113.90.013.9-27.10.0-27.1 Mining & Quarrying 53.80.053.895.40.095.477.177.1 Construction 2,050.71,339.53,390.22,127.81,312.83,440.63.8-2.01.5 Distribution (Wholesale and Retail) 3,757.01,514.15,271.13,913.61,293.35,206.94.2-14.6-1.2 Tourism 1,771.35,089.56,860.81,595.34,630.86,226.2-9.9-9.0-9.2 Transport 618.7326.6945.2541.2399.8941.0-12.522.4-0.4 Communications
Communications 984.6815.81,800.5899.3793.81,693.1-8.7-2.7-6.0 Entertainment & Catering 184.1392.6576.7208.8170.2378.913.4-56.7-34.3 Professional & Other Services 2,119.92,023.94,143.83,088.32,360.05,448.345.716.631.5 Housing & Land Purchases 9,794.23,797.513,591.716,348.03,290.219,638.266.9-13.444.5 Other individual 18,123.52,917.621,041.110,929.92,489.313,419.2-39.7-14.7-36.2 Non Profit Institutions Serving Households 242.30.0242.3241.10.0241.1-0.5-0.5 Grand Total 42,269.9 19,334.5 61,604.3 42,882.4 18,028.4 60,910.7 1.4-6.8-1.1* As of October 2018 data includes Wanfuteng BankFeb-19Feb-20