Police, banks and Monetary Authority fight back with counter measures against cross-border gangs.
Macao Monetary Authority
Under the innovative scheme, Macao residents will be able to buy reminbi-denominated wealth management products via participating banks.
The outlook is positive, despite last year’s rocky economic performance, thanks to prudent fiscal measures taken by the government, says Fitch.
Rates for both the pataca and the Hong Kong dollar fell in 2020, mirroring an overall drop in the funding costs of local banking.
Interest of MOP 31 billion is offset by MOP 46 billion outlay to balance the budget shortfall caused by the ravages of Covid-19.
2.7 per cent fall means reserves are now 11 times the local currency in circulation.
The financial reserves of the Macao Special Administrative Region (MSAR) stood at MOP 620.1 billion (US$77.7 billion) at the end of November last year.
Macao’s preliminary balance of payments (BOP) for last year recorded a surplus of MOP 12.1 billion.
The second phase of the government’s consumption subsidy smartcard scheme injected around MOP 790 million into the local economy in 20 days.
