Monetary Authority of Macao
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The Monetary Authority of Macao was established on December 20, 1999 after the transfer of the sovereignty of Macao from Portugal to the People’s Republic of China.
The Authority is now responsible for supervising monetary and financial operations as per the terms established in regulatory statutes. It is also responsible for monitoring and assessing the external solvency of the local currency pataca. The bank is responsible for carrying out the following functions:
The Monetary Authority of Macao was established on December 20, 1999 after the transfer of the sovereignty of Macao from Portugal to the People’s Republic of China.
The Authority is now responsible for supervising monetary and financial operations as per the terms established in regulatory statutes. It is also responsible for monitoring and assessing the external solvency of the local currency pataca. The bank is responsible for carrying out the following functions:
- To advice and help the chief executive in drawing out and implementing monetary, financial, exchange rate and insurance policies
- To provide guidance, coordinate and supervise the monetary, financial, foreign exchange and insurance markets and ensure their smooth operation
- To keep an eye on internal monetary stability and external solvency of the local currency
- To hold and manage the country’s currency reserves and other assets
- To monitor the stability of the country’s financial system
As a result of the favorable economic situation and a stable political environment in the country, Macao has been able to capitalize on the conditions and the phenomenal pace of growth. Both banking and insurance industries have registered remarkable growth in recent years thanks to the establishment of appropriate regulatory institutions and timely legislative and supervisory initiatives.
The Monetary Authority of Macao advises the Macao Special Administrative Region on various matters of economic implication. The bank is also responsible for ensuring the local currency’s full convertibility.
The Address and Contact details of the bank is as follows:
Monetary Authority of Macao
Address: P.O. Box 3017 Macau MACAO Phone No.: ++853-56 82 88 Fax: ++853-32 54 33
