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Macao has added seven billion patacas to its financial reserves

However, the territory’s reserves still stand a long way off from the all-time high of almost 679 billion patacas recorded in 2021, figures show.

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However, the territory’s reserves still stand a long way off from the all-time high of almost 679 billion patacas recorded in 2021, figures show.

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PUBLISHED

UPDATED: 22 Dec 2023, 12:27 am

Macao’s financial reserves stood at 566.2 billion patacas at the end of January, according to figures from the Monetary Authority of Macao cited by the news agency Lusa.

The sum represents a gain of seven billion patacas from the 559.2 billion patacas recorded at the end of 2022, when the reserves stood at their lowest value since the same month in 2019.

In its 2022 annual report, published Wednesday, the authority drew attention to “the geopolitical crisis, the blockade of the global supply chain caused by the epidemic and the significant rise in interest rates”.

[See more: The Economic Prosperity Index continues to rise]

Macao’s financial reserves reached their highest level in February 2021, standing at 669.7 billion patacas.

The reserves are made up, Lusa says, of deposits and current accounts worth 263.9 billion patacas, credit securities amounting to 125.8 billion patacas and up to 172.5 billion patacas in subcontracted investments.

Macao has a strong reputation for financial prudence. Last week, ratings agency Fitch affirmed Macao’s long-term foreign currency default risk at AA, praising “the territory’s exceptionally strong public and external finances, and prudent fiscal management even during periods of negative revenue shocks”.

 

UPDATED: 22 Dec 2023, 12:27 am

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