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Banks in Macao Able to Help Boost Economy: Official
A senior official of the Macao Special Administrative Region (SAR) said here Wednesday that banks in Macao will act as a strong momentum to boost the development of local economy.
"There is considerable amount of funds (in Macao's banks) for economic development," said Francis Tam Pak Un, secretary for economy and finance of the Macao SAR government.
The official made the remarks at a party to celebrate the 15th anniversary of the founding of the Association of Banks of Macao.
He said the total sum of assets of the banks in Macao is five times that 15 years ago. Latest statistics show that the total banking assets have reached 137 billion patacas (about 17.1 billion U.S. dollars).
However, the official noted that banking loans account for only half of total deposits in the banks of Macao. He explained that local residents deposit 10 billion patacas (1.25 billion U.S. dollars) in the banks, but only half of which is used to boost economic expansion.
"As Macao's economy has shown signs of recovery, the demand for more investing funds will grow stronger," Tam Pak Un said, expressing the belief that the Association of Banks of Macao will contribute more to promote local economic development.
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