Monetary and Financial Statistics – January 2011

According to statistics released today by the Monetary Authority of Macao, on a monthly basis, money supply M2 continued to grow in January. Driven by the relatively fast growth in loans, the loan-to-deposit ratio rose continuously.
Money supply
Currency in circulation and demand deposits increased 20.5% and 7.0% respectively. M1 thus grew 9.1% when compared with the previous month. Meanwhile, quasi-monetary liabilities rose by 5.3%. M2 therefore increased by 5.8% to MOP257.4 billion. On an annual basis, M1 and M2 rose 15.0% and 19.5% respectively. The share of Pataca (MOP) in M2 stood at 27.6%, down 0.4 percentage points over a month ago and 1.1 percentage points from a year earlier. The share of Hong Kong Dollar (HKD) in M2 was 52.3%, down 2.4 percentage points month-to-month or 1.8 percentage points year-on-year.
Deposits
Resident deposits grew significantly by MOP13.1 billion or 5.5% from the previous month to MOP250.7 billion. Of which, MOP deposits, HKD deposits and other foreign currency deposits increased at respective rates of 3.0%, 1.2% and 22.7%. Concurrently, non-resident deposits dropped 2.5% to MOP77.5 billion and public sector deposits with the banking sector decreased 3.8% to MOP22.1 billion. As a result, total deposits with the banking sector grew 3.0% from a month earlier to MOP350.2 billion. The shares of MOP and HKD in total deposits were 23.4% and 45.6% respectively.
Loans
Domestic loans to the private sector increased 3.5% on a monthly basis to MOP135.0 billion. Among which, MOP38.2 billion was MOP-denominated and MOP86.5 billion was denominated in HKD, representing 28.3% and 64.0% of the total respectively. Meanwhile, external loans increased 12.2% to MOP129.3 billion; of which, loans denominated in MOP and HKD accounted for 0.3% (MOP0.4 billion) and 40.1% (MOP51.8 billion) of the total respectively.
Loan-to-deposit ratios
As resident deposits grew faster than domestic loans to the private sector, the loan-to-deposit ratio for the resident sector at end-January 2011 dropped 0.6 percentage points month-to-month to 49.5%. The ratio for both the resident and non-resident sectors was 75.5%, up 3.2 percentage points from the previous month.