Macao remains a fair way off its pre-pandemic economy, but the open borders are doing their thing.
AMCM
Mobile payments topped 26 billion patacas last year, 40 percent more than in 2021 and 20 times more than in pre-pandemic 2019.
Geopolitical crisis, the Covid-19 pandemic and interest rate hikes by major central banks take their toll, with the AMCM forecasting enormous challenges this year.
As MOP is linked to HK$, increase follows Hong Kong’s adjustment based on US Federal Reserve’s move to raise Fed funds rate target range by 75 basis points.
In the first six months of 2022, Macao lost MOP 46 billion representing 7.13% of the SAR’s reserve, as knock-on effects of Covid-19 took their toll.
Monetary Authority of Macao raised rate by 50 basis points in May and another 75 basis points last month.
Increase by 75 basis points from 1.25% consistent with Hong Kong as MOP is linked to HK$.
Some 447,000 residents collect benefits on first day of scheme; money can be used to settle utility bills or for regular shopping until end of February 2023.
Webpage Q&A explains in simple steps how to register, and where the scheme – which runs until end of next February – can be used.
