Monetary and Financial Statistics – September 2009

According to statistics released today by the Monetary Authority of Macao, on a monthly basis, money supply M2 grew slightly in September. As total deposits with banks dropped and total loans rose, the loan-to-deposit ratio witnessed continuous increase. Money supply
Currency in circulation increased 2.7% whereas demand deposits decreased 3.9%. M1 thus dropped 2.9% compared with the previous month. Meanwhile, quasi-monetary liabilities went up by 0.8%. The sum of these two items, i.e. M2, grew slightly by 0.3% to MOP208.4 billion. On an annual basis, M1 and M2 rose 22.3% and 9.0% respectively. The share of Pataca (MOP) in M2 stood at 28.2%, down 0.2 percentage points over a month ago and up 0.4 percentage points a year earlier. Concurrently, the share of Hong Kong Dollar (HKD) in M2 was 53.4%, down 0.1 percentage point month-to-month and up 1.6 percentage points year-on-year. Deposits
Resident deposits rose slightly by 0.2% from the previous month to MOP203.5 billion. Of which, MOP deposits edged down 0.5%, HKD deposits and other foreign currency deposits grew at respective rates of 0.04% and 1.8%. Concurrently, non-resident deposits slid 1.8% (to MOP72.6 billion) while public sector deposits with the banking sector increased 0.7% (to MOP13.4 billion). As a result, total deposits with the banking sector contracted 0.3% from the previous month to MOP289.6 billion. The shares of MOP and HKD in total deposits were 22.1% and 45.4% respectively. Loans
Domestic loans to the private sector expanded 1.1% month-to-month to MOP96.4 billion. Among which, MOP22.0 billion was MOP-denominated and MOP68.0 billion was denominated in HKD, representing 22.8% and 70.6% of the total respectively. Loans to sectors of “transport, warehouse and communications”, “construction and public works”, “individuals for house purchases” and “restaurants, hotels and related activities” increased quarter-to-quarter at respective rates of 49.8%, 8.2%, 8.1% and 7.5% whereas those to “wholesale and retail trade” dropped 0.8%. Meanwhile, external loans rose by 11.9% to MOP74.0 billion; of which, loans denominated in MOP and HKD accounted for 1.4% and 50.4% respectively of the total, at values of MOP1.0 billion and MOP37.2 billion. Loan-to-deposit ratios
As domestic loans to the private sector rose at a faster pace than resident deposits, the loan-to-deposit ratio for the resident sector at end-September 2009 increased by 0.4 percentage points month-to-month to 44.4%. The ratio for both the resident and non-resident sectors stood at 58.8%, up 3.2 percentage points.