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Forex reserves rise 2.4% to US$22.95 billion in May

Macao’s foreign exchange reserves amounted to MOP 183.3 billion (US$22.95 billion) at the end of last month, the Monetary Authority of Macao (AMCM) said in a statement on Monday.

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UPDATED: 22 Dec 2023, 5:47 am

Macao’s foreign exchange reserves amounted to MOP 183.3 billion (US$22.95 billion) at the end of last month, the Monetary Authority of Macao (AMCM) said in a statement on Monday.

The reserves increased 2.4 per cent from the revised amount of MOP 179.0 billion at the end of April.

The forex reserves at the end of May represented 10 times the currency in circulation, or 82.4 per cent of pataca M2 at the end of April.

According to Investopedia, M2 is a money supply measure that includes cash, checking deposits, and easily convertible “near money”, i.e. assets that can readily be converted into cash, such as government bonds.

The trade-weighted effective exchange rate index for the pataca rose 0.06 points month-to-month and 2.64 points year-on-year to 109.5 last month, implying that the pataca exchange rate grew against the currencies of Macao’s major trading partners.

(The Macau Post Daily/Macau News)
PHOTO © Monetary Authority of Macao

UPDATED: 22 Dec 2023, 5:47 am

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