The Monetary Authority of Macao (AMCM) recently signed a Cooperation Agreement with the Bank of Portugal (the central bank) to further deepen the cooperation between the two institutions in various areas.
The Cooperation Agreement was signed by Chan Sau San, Chairman of the Board of Directors of the AMCM, and Carlos da Silva Costa, Governor of the Bank of Portugal earlier this month. It establishes the overall framework for cooperation between the two institutions through periodic expert dialogues, seminars, conferences, professional training and joint research. Besides, the two institutions undertake to hold high-level meetings on a regular basis in order to review the progress and determine the overall direction for cooperation. The scope of cooperation covers various functions of the Bank of Portugal as the central bank of Portugal and the AMCM as the monetary and financial supervisory authority of the Macao Special Administrative Region (MSAR).
The AMCM believes that the signing of the Cooperation Agreement will establish a framework for deepening collaboration between the two institutions, fostering the exchange of information and personnel in financial areas between Portugal and the MSAR. It also serves to reinforce the MSAR’s function as a financial services platform between China and Portuguese-speaking Countries (PSCs) while promoting multilateral cooperation between the MSAR and PSCs. It would therefore help strengthen the MSAR’s position as “the Commercial and Trade Cooperation Service Platform between China and PSCs”.