According to statistics released today by the Monetary Authority of Macao, money supply M2 continued to grow in January. As total loans continued to rise while non-resident deposits fell significantly, the loan-to-deposit ratio rebounded after dropping in the previous month. Money supply
Currency in circulation and demand deposits increased 2.4% and 8.6% respectively. M1 thus rose significantly by 7.6% compared with the previous month. Meanwhile, quasi-monetary liabilities went up 0.5%. The sum of these two items, i.e. M2, grew 1.5% to MOP215.4 billion. On an annual basis, M1 and M2 rose 21.9% and 10.9% respectively. The share of Pataca (MOP) in M2 stood at 28.7%, up 0.6 percentage points over a month ago but down 0.3 percentage points from a year earlier. Concurrently, the share of Hong Kong Dollar (HKD) in M2 was 54.1%, up 0.5 percentage points month-to-month or 2.2 percentage points year-on-year. Deposits
Resident deposits grew 1.5% from the previous month to MOP210.4 billion. Of which, MOP deposits and HKD deposits grew at respective rates of 3.7% and 2.5% while other foreign currency deposits fell 4.4%. Concurrently, non-resident deposits dropped notably by 16.9% to MOP69.1 billion and public sector deposits with the banking sector decreased 6.5% to MOP15.2 billion. As a result, total deposits with the banking sector declined 3.9% from the previous month to MOP294.8 billion. The shares of MOP and HKD in total deposits were 23.4% and 45.6% respectively. Loans
Domestic loans to the private sector expanded 1.8% during January to MOP102.7 billion. Among which, MOP28.0 billion was MOP-denominated and MOP67.9 billion was denominated in HKD, representing 27.2% and 66.1% of the total respectively. Meanwhile, external loans grew 11.0% to MOP95.3 billion; of which, loans denominated in MOP and HKD accounted for 1.0% (MOP0.9 billion) and 43.5% (MOP41.4 billion) of the total respectively. 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 grew 0.4 percentage points in a month to 45.5% at end-January 2010. The ratio for both the resident and non-resident sectors reached 67.1%, up notably by 6.3 percentage points.
