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$.
Some 447,000 residents collect benefits on first day of scheme; money can be used to settle utility bills or for regular shopping until end of February 2023.
Webpage Q&A explains in simple steps how to register, and where the scheme – which runs until end of next February – can be used.
As MOP is linked to HK$, the movements of policy rates in Macao and Hong Kong should be consistent in order to maintain effective operation of the linked exchange rate system.
Bank of China, ICBC, Luso International, Tai Fung Bank, CGB, Mpay, AliPay and UePay lend support to e-payments.
AMCM says pataca exchange rate dropped against currencies of Macao’s major trading partners on a monthly basis but grew on an annual basis.
Credit card turnover hit MOP 5.3 billion in last quarter of 2021; mobile payment tools becoming more popular.
