Macao’s broad money supply continued to grow by 5.1 per cent month-on-month to MOP 717.9 billion in December, the Macao Monetary Authority announced yesterday.
According to statistics released by Macao’s quasi-central bank, currency in circulation and demand deposits rose 1.7 per cent and 11 per cent, respectively. M1 thus increased by 8.2 per cent from a month earlier.
Meanwhile, quasi-monetary liabilities rose 4.8 per cent. The sum of these two items, broad money supply or M2, grew by 5.1 per cent to MOP 717.9 billion.
On an annual basis, M1 dropped 4.1 per cent, whereas M2 grew 4.4 per cent.
The shares of pataca, Hong Kong dollar, renminbi and US dollar in M2 were 38.6 per cent, 41.6 per cent, 8.2 per cent and 9.9 per cent, respectively.
According to the official data, resident deposits increased 5.2 per cent from the preceding month to MOP 697.4 billion, while non-resident deposits rose 4.2 per cent to MOP 321.7 billion.
Public sector deposits with the banking sector decreased by 2.4 per cent to MOP 242.5 billion.
As a result, total deposits in the banking sector grew 3.4 per cent from a month earlier to MOP 1,261.7 billion.
Meanwhile, the regulator said in a statement yesterday that it has raised its base from by 0.25 percentage points to 5 per cent, the eighth increase since March 2022 and the highest increase since December 2007.
The Fed in the US and Hong Kong Monetary Authority also raised their base rates this week.
Macao’s pataca is indirectly pegged to the greenback via its Hong Kong dollar peg, The Macau Post Daily noted.