Macao's credit cards in circulation up 2.47% in Q1

21:54, June 07, 2010      

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A total of 368,124 personal credit cards were in circulation in Macao at the end of March 2010, an increase of 2.47 percent over the previous quarter, according to figures released Monday by the Monetary Authority of Macao Special Administrative Region (SAR).

Of the credit cards, the number of pataca cards, Hong Kong dollar cards and RMB cards respectively reached 94,462, 56,149 and 17,513, which went up by 2.56 percent, 0.15 percent and 8.99 percent quarter-to-quarter, the figures indicated.

Compared with a year earlier, RMB cards surged 99.97 percent in the first quarter while pataca cards and HK dollar cards grew by 10.3 percent and 2.07 percent respectively.

The introduction of Pataca/RMB dual currency credit cards by local banks in the second half of 2009 largely accounted for the marked increase of RMB cards in Macao, the Monetary Authority said.

Meanwhile, credit card credit limit granted by banks in Macao amounted to 6.66 billion patacas (833 million U.S. dollars) in the first quarter of 2010, rising by 2.52 percent over the previous quarter.

The delinquency ratio, which is the ratio of delinquent amount overdue for more than three months to credit card receivables, was 1.22 percent, according to the Monetary Authority.

Local credit card turnover decreased by 1.61 percent quarter-to- quarter to 1.81 billion patacas (226 million dollars), with the cash advance turnover amounted to 120 million patacas (15 million dollars), accounting for 6.37 percent of the total, according to the Monetary Authority.

Source: Xinhua


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