Macao Raises Deposit Interest Rates

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Monday, May 22, 2000, updated at 17:59(GMT+8)

Business

Macao Raises Deposit Interest Rates

Annual deposit rates in Macao were raised by 0.5 percentage points across the board beginning from Monday.

The decision was made last weekend by the Macao Association of Banks right after the Hong Kong Association of Banks announced last Friday to raise deposit rates in Hong Kong.

In this sense, the interest rate for current deposit in Macao was raised from 4 percent to 4.5 percent per annum, and the rate for seven-day fix deposit was raised from 4.75 percent to 5.25 percent.

People with the banking sector in Macao said that the increase of deposit rates may hold off the recovery of local economy which has suffered depression over the past years.


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	Annual deposit rates in Macao were raised by 0.5 percentage points across the board beginning from Monday.




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