According to statistics released today by the Monetary Authority of Macao, on a monthly basis, money supply M2 grew slightly in December. Total loans continued to rise while non-resident deposits grew at a fast pace. The loan-to-deposit ratio thus fell from a month ago. Money supply
Currency in circulation increased 1.6% whereas demand deposits decreased 5.0%. M1 thus dropped 4.0% compared with the previous month. Meanwhile, quasi-monetary liabilities went up by 1.1%. The sum of these two items, i.e. M2, grew slightly by 0.4% to MOP212.2 billion. On an annual basis, M1 and M2 rose 23.8% and 11.8% respectively. The share of Pataca (MOP) in M2 stood at 28.2%, up 0.1 percentage point over a month ago or down 0.3 percentage points from a year earlier. Concurrently, the share of Hong Kong Dollar (HKD) in M2 was 53.6%, down 0.8 percentage points month-to-month and up 1.3 percentage points year-on-year. Deposits
Resident deposits rose slightly by 0.3% from the previous month to MOP207.2 billion. Of which, HKD deposits fell 1.2% but MOP deposits and other foreign currency deposits grew at respective rates of 0.6% and 4.5%. Concurrently, non-resident deposits grew notably by 12.8% to MOP83.2 billion while public sector deposits with the banking sector increased 22.3% to MOP16.3 billion due to treasury operations. As a result, total deposits with the banking sector expanded 4.5% from the previous month to MOP306.8 billion. The shares of MOP and HKD in total deposits were 22.1% and 46.4% respectively.
Loans
Domestic loans to the private sector expanded 2.1% month-to-month to MOP100.8 billion. Among which, MOP26.3 billion was MOP-denominated and MOP67.9 billion was denominated in HKD, representing 26.1% and 67.3% of the total respectively. Loans to “wholesale and retail trade”, “individuals for house purchases” and “manufacturing industries” increased quarter-to-quarter at respective rates of 14.2%, 11.3% and 8.4% whereas those to “non-monetary financial institutions” and “restaurants, hotels and related activities” dropped 15.9% and 5.2%. Meanwhile, external loans rose by 4.8% to MOP85.8 billion; of which, loans denominated in MOP and HKD accounted for 1.0% and 47.5% respectively of the total, at values of MOP0.9 billion and MOP40.8 billion. 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 at end-December 2009 increased slightly by 0.2 percentage points month-to-month to 45.1%. The ratio for both the resident and non-resident sectors stood at 60.8%, down 0.7 percentage points.
