The Macau Monetary Authority (AMCM) said in a statement Thursday that it was “highly” concerned about a local company claiming that it would pay “the highest prices” to purchase the city’s commemorative Chinese zodiac 10-pataca banknotes, vowing that it would ensure the “normal” circulation and supply of the city’s pataca currency.
The quasi-central bank also said in the brief statement that members of its staff and the Judiciary Police (PJ) had gone to the premises of the company to investigate as to whether anyone has broken any currency regulations.
The local company published an advertisement on the front-page of the city’s best-selling Chinese language newspaper, the Macao Daily News, that it would buy the Year of the Snake, Year of the Dragon and Lotus commemorative banknotes for “the highest price.”
The company also published the same advertisement in the free local Chinese-language newspaper Exmoo News.
According to the company’s website, it has four shops, the main branch of which is in Rua do Almirante Costa Cabral.
The AMCM statement also said that it would take all “necessary” measures to ensure the orderly circulation of the local currency.
Meanwhile, many local mobile phone users received a text message urging them to pay attention to the front page of local newspapers stating that Royalex would offer a “high price” for Snake and Dragon patacas banknotes. The message urged residents not to miss this opportunity.
The government’s decision to launch Chinese zodiac and other commemorative banknotes has resulted in a massive speculative buying spree by mainlanders who regard the notes as auspicious and potentially highly profitable.
According to informed sources, a 10-pataca commemorative Year of the Snake pataca banknote currently fetches up to 60 patacas on the speculative market in Macau, while its market value in the mainland currently amounts to 75 yuan (about 100 patacas).
Meanwhile, a local legal expert told The Macau Post Daily yesterday it was “not illegal at all” to buy commemorative local banknotes at a higher price than their nominal value.
“Commemorative banknotes and coins have been collectors’ items and the target of speculators for ages,” the expert said, asking not to be named, adding, “Ultimately it’s the government that’s responsible for the situation.”
The expert also pointed out that since Macau’s pataca circulation is relatively small, the local issuance of commemorative banknotes and coins “is prone to attract speculators since the lower the circulation the higher the potential speculative value.” (macaunews)
