Monetary and Financial Statistics – August 2010

According to statistics released today by the Monetary Authority of Macao, broad money supply continued to grow in August. The overall loan-to-deposit ratio bounced back slightly from a month earlier driven by the increase in nonresident loans.
Money supply
Currency in circulation dropped modestly by 0.1% whereas demand deposits increased by 0.8%. M1 thus rose 0.6% when compared with the previous month. Meanwhile, as quasi-monetary liabilities surged merely by 0.9%, M2 grew at a slower pace of 0.8%, amounting to MOP230.2 billion. On an annual basis, M1 and M2 rose 17.3% and 10.8% respectively. The share of Pataca (MOP) in M2 stood at 28.7%, up 0.6 percentage points over a month ago or 0.4 percentage points from a year earlier. Concurrently, the share of Hong Kong Dollar (HKD) in M2 was 53.9%, down 0.6 percentage points month-to-month or up 0.4 percentage points year-on-year.
Resident deposits grew at a significantly slower pace. Their value increased by 0.9% from the previous month to MOP225.1 billion. Of which, MOP deposits and other foreign currency deposits increased at respective rates of 3.2% and 1.0%, while HKD deposits fell slightly by 0.3%. Concurrently, non-resident deposits dropped 1.0% to MOP71.5 billion whereas public sector deposits with the banking sector grew continuously by 5.9% to MOP20.0 billion. As a result, total deposits with the banking sector grew 0.7% from the previous month to MOP316.7 billion. The shares of MOP and HKD in total deposits were 24.3% and 46.0% respectively.
Domestic loans to the private sector were stable. Their value grew modestly by 0.1% on a monthly basis to MOP116.8 billion. Among which, MOP36.0 billion was MOP-denominated and MOP73.0 billion was denominated in HKD, representing 30.8% and 62.5% of the total respectively. Meanwhile, external loans increased 2.4% to MOP110.7 billion; of which, loans denominated in MOP and HKD accounted for 0.8% (MOP0.9 billion) and 41.2% (MOP45.6 billion) of the total respectively.
Loan-to-deposit ratios
As the growth pace of resident deposits (including public sector deposits) was faster than that of domestic loans to the private sector, the loan-to-deposit ratio for the resident sector at end-August 2010 contracted by 0.6 percentage points from a month ago to 47.7%. The ratio for both the resident and non-resident sectors was 71.9%, up 0.3 percentage points from the previous month.

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