New figures from the Monetary Authority of Macao show loans for residential real estate plummeting on a month-on-month basis.
Monetary Authority of Macao
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.
Institutional investors on the Micro Connect Macao Financial Assets Exchange are now able to trade in an instrument that raises funds for small businesses in mainland China.
One-ounce silver coin costs MOP 1,230; five-ounce silver coin costs MOP 7,200; and 0.5-ounce gold coin costs MOP 15,000.
Staff would also have to record identity of person trying to pass counterfeit money and inform police.
Proposed bill includes safeguard stipulating banks must deposit equivalent value of convertible foreign currency with government before issuing currency.
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.