Macao's Base Rate of the Discount Window Lowered to 2.0%

The Monetary Authority of Macao (AMCM) lowered the Base Rate of the Discount Window today (31 October 2019) by 25 basis points to 2.0%, which was the third time for the AMCM to lower the policy rate within this year.

As the pataca is linked to the Hong Kong dollar, the movements of policy rates in Hong Kong and Macao should be basically consistent in order to maintain the effective operation of the linked exchange rate system. As a result, the AMCM followed its Hong Kong counterpart to adjust the Base Rate, after the policy action by the US Federal Reserve to lower the Fed funds rate target range by 25 basis points on 30 October 2019 (US time). The Hong Kong dollar is linked to the US dollar under a similar linked exchange rate system.

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