Monetary and Financial Statistics – June 2009

According to statistics released today by the Monetary Authority of Macao, on a monthly basis, money supply M2 increased in June. As total loans rose at a faster pace than total deposits with banks, the loan-to-deposit ratio grew slightly from a month ago. Money supply
Due to the increases of currency in circulation and demand deposits, M1 rose 2.1% month-to-month. Meanwhile, quasi-monetary liabilities edged up by 0.6%. The sum of these two items, i.e. M2, rose 0.8% to MOP203.3 billion. On an annual basis, M1 and M2 rose 22.5% and 11.3% respectively. The share of Pataca (MOP) in M2 stood at 28.4%, up 0.4 percentage points over a month ago but remained virtually unchanged from a year earlier. Concurrently, the share of Hong Kong Dollar (HKD) in M2 stayed flat from the previous month at 53.7% but up 2.1 percentage points year-on-year.
Deposits
Resident deposits rose by 0.8% from the previous month to MOP198.7 billion. Of which, MOP deposits and HKD deposits grew at respective rates of 2.2% and 0.9% whereas other foreign currency deposits dropped 1.4%. Concurrently, non-resident deposits rose 0.1% (to MOP71.6 billion) while public sector deposits with the banking sector slid 1.9% (to MOP12.8 billion). As a result, total deposits with the banking sector advanced 0.5% from the previous month to MOP283.1 billion. The shares of MOP and HKD in total deposits were 22.4% and 45.6% respectively.
Loans
Domestic loans to the private sector grew 0.5% month-to-month to MOP93.2 billion. Among which, MOP20.0 billion was MOP-denominated and MOP67.2 billion was denominated in HKD, representing 21.4% and 72.1% of the total respectively. Loans to sectors of “manufacturing”, “electricity, gas and water” and “wholesale and retail” dropped quarter-to-quarter at respective rates of 5.3%, 4.0% and 3.9%, whereas those to “construction and public works”, “individuals for house purchases” and “restaurants, hotels and related activities” increased 4.2%, 3.9% and 0.9% respectively.
External loans rose by 6.1% to MOP61.9 billion; of which, loans denominated in MOP and HKD accounted for 1.7% and 57.0% respectively of the total, at values of MOP1.1 billion and MOP35.3 billion. Loan-to-deposit ratios
As the growth pace of domestic loans to the private sector is similar to that of resident deposits and public sector deposits with the banking sector, the loan-to-deposit ratio for the resident sector at end-June 2009 remained virtually unchanged from a month ago at 44.1%. The ratio for both the resident and non-resident sectors stood at 54.8%, up 1.2 percentage points month-to-month.