According to statistics released today by the Monetary Authority of Macao, on a monthly basis, broad money continued to grow in November. As total deposits grew much faster than total loans, the overall loan-to-deposit ratio dropped from a month earlier. Money supply
Currency in circulation and demand deposits grew 0.9% and 6.7% respectively. M1 thus increased 5.8% from one month earlier. Concurrently, quasi-monetary liabilities rose 2.9%, pushing M2 to grow 3.3% to MOP301.7 billion. On an annual basis, M1 and M2 rose 17.4% and 25.6% respectively. The share of Pataca (MOP) in M2 stood at 25.1%, up marginally by 0.1 percentage point over a month ago or down 3.1 percentage points from a year earlier. The share of Hong Kong Dollar (HKD) in M2 was 55.0%, up 2.6 percentage points month-to-month and 0.3 percentage points year-on-year. Deposits
Resident deposits increased 3.3% from the previous month to MOP295.8 billion. Of which, MOP deposits and HKD deposits grew at respective rates of 3.8% and 8.5% while other foreign currency deposits dropped 9.1%. In the meantime, non-resident deposits declined 2.1% to MOP94.2 billion whereas public sector deposits with the banking sector increased 2.1% to MOP26.1 billion. As a result, total deposits with the banking sector grew 2.0% from a month earlier to MOP416.1 billion. The shares of MOP and HKD in total deposits were 21.2% and 46.4% respectively.
Loans
Domestic loans to the private sector dropped slightly by 0.3% on a monthly basis to MOP164.6 billion. Among which, MOP42.4 billion was MOP-denominated and MOP109.8 billion was denominated in HKD, representing 25.8% and 66.7% of the total respectively. On the other hand, external loans rose 2.4% to MOP151.9 billion, of which loans denominated in MOP and HKD accounted for 0.7% (MOP1.1 billion) and 34.2% (MOP51.9 billion) respectively. Loan-to-deposit ratios
Due to the decline in domestic loans to the private sector and increase in resident deposits, the loan-to-deposit ratio for the resident sector at end-November 2011 dropped 1.8 percentage points month-to-month to 51.1%. The ratio for both the resident and non-resident sectors was 76.1%, down by 0.8 percentage points from the previous month.
