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Macao Banks Cut Interest Rates
Following the reduction of interest rates in the United States and Hong Kong, the Macao Association of Banks has made a decision that deposit interest rates will be cut beginning next Monday (February 5).
After the readjustment, the annual interest rate for current deposit of the local currency of pataca will be cut from 4 percent to 3.5 percent, and the rate for seven-day notice deposit will go down from 4.75 percent to 4.25 percent.
The banks in Macao had an interest rate cut on January 8 this year, with the annual rate for current deposit dragged down 0.5 percent.
Local economists said that the interest rate cuts may help boost the economy which has suffered from depression in the past several years.
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