Author Archives: hksar gov

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) released today (March 14) the key analytical accounts of the Exchange Fund at the end of February 2019.
 
     Foreign assets, representing the external assets of the Exchange Fund, increased during the month by HK$20.1 billion to HK$3,577.5 billion.
 
     The Monetary Base, comprising Certificates of Indebtedness, Government‑issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$1,646.6 billion.
 
     Claims on the private sector in Hong Kong amounted to HK$291.0 billion.
 
     The analytical accounts of the Exchange Fund are released in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex).
 
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     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS). The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of March 2019, the scheduled dates for issuing the press releases are as follows:
 

     Hong Kong Customs yesterday (March 13) seized about 750 000 suspected illicit cigarettes with an estimated market value of about $2 million and a duty potential of about $1.4 million at Man Kam To Control Point.

     Customs officers intercepted an incoming truck declared as carrying assorted goods at Man Kam To Control Point yesterday. After inspection, Customs officers found the batch of suspected illicit cigarettes in 41 carton boxes mix-loaded with other goods on board the truck.

     The 55-year-old male driver was arrested and the truck was detained. Investigation is ongoing.

     Hong Kong Customs is also mounting a territory-wide anti-illicit cigarette operation codenamed “Net” starting from March with a view to combating illicit cigarette activities at all fronts through a multi-pronged approach.

     As at today (March 14), Customs officers had detected a total of 31 illicit cigarettes cases during the operation. About 1.3 million suspected illicit cigarettes with an estimated market value of about $3.5 million and a duty potential of about $2.5 million were seized. Thirty men and two women, aged between 22 and 75, were arrested.

     Operation “Net” is ongoing.

     Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years.

     Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.

     Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk).

  

     The Transport Department (TD) today (March 14) reminded members of the public that to facilitate road repair work, part of the slow lane of the road section leading from the Hong Kong exit of the Eastern Harbour Crossing (EHC) to North Point will be temporarily closed to all vehicular traffic from 9pm on Saturday (March 16) to 9am on the next day. Motorists can still use the remaining traffic lane to North Point.

     During the implementation of the above temporary traffic arrangement, the speed limit of the EHC (Hong Kong bound) will be temporarily reduced from 70 kilometres per hour to 50 km/h.

     Due to the lane closure, the TD anticipates that the traffic in the vicinity of the EHC (Hong Kong bound) will be relatively busy during the above period. Motorists passing through the affected road section should exercise patience and drive with utmost care, and plan their journeys in advance to allow more travelling time to avoid unexpected delay. Appropriate traffic signs will be erected on-site to guide motorists.

     The TD and the Police will closely monitor the traffic situation and implement appropriate measures whenever necessary. Members of the public are advised to stay alert to the latest traffic news on radio and television.

     Details of the temporary traffic arrangement are now available on the TD’s website (www.td.gov.hk). read more

     According to the provisional results of a survey released today (March 14) by the Census and Statistics Department (C&SD), the index of industrial production for manufacturing industries as a whole increased by 1.3% in the fourt… read more

     The Census and Statistics Department has commenced a new round of the Quarterly Survey of Employment and Vacancies to collect data on employment and vacancies in major industry sections of the economy in respect of March 2019. This … read more