Monetary and Financial Statistics – September 2013

According to statistics released today by the Monetary Authority of Macao, broad money supply continued to grow in September. As total deposits increased at a faster pace than total loans, the overall loan-to-deposit ratio of the banking sector dropped from a month earlier.
Money supply
Currency in circulation grew 0.9% whereas demand deposits dropped 2.7%. M1 thus decreased 2.2% from one month earlier. Concurrently, quasi-monetary liabilities increased 2.3%. The sum of these two items, i.e. M2, grew 1.7% to MOP426.6 billion. On an annual basis, M1 and M2 rose 33.7% and 22.5% respectively. The share of Pataca (MOP) in M2 stood at 24.3%, down at the same pace of 0.3 percentage points from a month and a year earlier. The share of Hong Kong Dollar (HKD) in M2 was 53.4%, up 0.5 percentage points month-to-month but down 2.7 percentage points year-on-year.
Deposits
Resident deposits grew 1.8% from the preceding month to MOP417.9 billion. Of which, MOP deposits, HKD deposits and other foreign currency deposits increased at respective rates of 0.4%, 2.7% and 0.9%. Non-resident deposits rose 8.2% to MOP174.1 billion. Public sector deposits with the banking sector also increased 3.3% to MOP63.9 billion. As a result, total deposits with the banking sector grew 3.5% from a month earlier to MOP656.0 billion. The shares of MOP and HKD in total deposits were 19.5% and 44.7% respectively.
Loans
Domestic loans to the private sector increased 1.0% from a month ago to MOP243.3 billion. Among which, MOP77.9 billion was MOP-denominated and MOP142.1 billion was denominated in HKD, representing 32.0% and 58.4% of the total respectively. Analysed by economic sector, loans to "wholesale and retail trade", "construction and public works" and "exhibition and conference" increased at respective rates of 12.9%, 8.7% and 7.8% compared with a quarter ago, whereas loans to "electricity, gas and water" and "agriculture and fisheries" dropped 6.2% and 2.0% respectively. External loans increased 0.7% to MOP268.9 billion; of which, loans denominated in MOP and HKD accounted for 1.3% (MOP3.6 billion) and 22.6% (MOP60.9 billion) respectively.
Loan-to-deposit ratios
The loan-to-deposit ratio for the resident sector at end-September dropped 0.5 percentage points from the previous month to 50.5%. The ratio for both the resident and non-resident sectors also decreased 2.1 percentage points to 78.1%.