eddie yue : remarks at media standup remarks by mr eddie yue, chief executive of the hong kong monetary authority, at the media standup, hong kong, 7 july 2023. * * * today i would like to announce that, after careful consideration, the hong kong monetary authority ( hkma ) has decided to adjust the countercyclical macroprudential measures for property mortgage loans. since the measures were implemented in 2009, the hkma has been closely monitoring market conditions, including property prices and transaction volumes, and the local and external economic environment, with the aim of evaluating the need for appropriate adjustments to the measures to ensure that banks manage the risks over their property mortgage lending business effectively, and have sufficient capacity to cope with challenges from a sharp correction in property prices. following the covid - 19 pandemic and with interest rates rising, there has been a correction in housing prices in hong kong since 2022. despite a rebound early this year, market data showed that at the end of june housing prices were down 13 % from their peak in 2021. the situation in the non - residential property market was similar. the prices of offices, flatted factories and retail premises fell by 20 %, 8 % and 17 % respectively from their peaks in 2018 - 2019. externally, as major economies continue to face high inflationary pressures, interest rates may remain elevated for some time. any slow - down in the global economy due to high interest rates would inevitably affect the local economy. taking all relevant factors into account, the hkma has decided to make several adjustments to the countercyclical macroprudential measures for property mortgage loans, while continuing to maintain banking stability and ensuring the proper risk management of property mortgage loans. these adjustments include : adjusting the maximum loan - to - value ( ltv ) ratio for self - occupied residential properties. the maximum ltv ratio for residential properties with a value of hk $ 15 million or below will be increased to 70 %. for properties valued at more than hk $ 15 million and up to hk $ 30 million, the maximum ltv ratio will be increased to 60 %. for residential properties with a value above hk $ 30 million, the maximum ltv ratio will remain unchanged at 50 %. to avoid a sudden drop in applicable ltv ratios, ratios for properties in certain value ranges will change gradually. the maximum ltv ratio for non - self - use residential properties will remain unchanged at 50 %. increasing the maximum ltv ratio for

compared to 2004. their outstanding economic performance and rapidly increasing share in the global economy over the past decade have considerably helped developing countries to have an increasing voice in the international arena. these countries, among which turkey, with its economic performance, stands as one of the leading countries, have weathered the recent global crisis with less damage compared to developed countries and exhibited better performance in reverting back to pre - crisis production levels and growth rates. recently, there have been debates about whether the developing country group has decoupled from developed countries. although the decoupling of countries seems highly difficult in a global environment where all countries get increasingly interpenetrated via capital flows and financial integration, it is a fact that developing countries have ended up in a much better position in the recent global crisis in comparison to their economic performance in the past crises. it would not be wrong to assert that the main reasons underlying this transformation are the increased commercial, financial and economic relationships among developing countries, accompanied bis central bankers ’ speeches by strong economic and institutional governance practices formulated in view of lessons learnt from past crises. the increase in the volume of trade among developing countries has reduced the adverse effects of the weak course of external demand from advanced economies. therefore, production and employment levels in developing countries have assumed a more rapid pace of recovery. at this point, by using turkey ’ s export data, i would like to exemplify the importance of diversification of export markets driven by improving relations with countries in the region. as it is known, the european union countries have the largest share in turkey ’ s exports. nevertheless, the share of member states of the organization of the islamic conference ( oic ) in turkey ’ s exports is rapidly growing. during the period between end - 2000 and end2010, while the share of the european union countries in total exports of turkey declined from 56 % to 46 %, that of oic member states rose from 13 % to 29 %. the significant increase in the share of oic member states in our exports might be, at first sight, attributed only to the economic slowdown in the european union. however, related figures indicate that the share of oic members in turkey ’ s exports had already increased from 13 % to 19 % between 2000 and 2007 before the start of the global financial crisis. besides, visa exemptions probably played an important role in the recent improvement in turkey ’ s trade with the region ’ s countries. distinguished guests, regional collaborations have made a significant contribution