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Macao Banks Cut Down Interest Rate
The banks in China's Macao Special Administrative Region (SAR) cut down the interest rate by 0.25 percent Friday, which now represents the lowest level since 1994.
This was the result of the recent decision of the U.S. Federal Reserve to lower the interest rate, as the Macao banks calculate the rate in a way that is directly linked with that of the U.S. banks, according to the Association of Banks of Macao.
The interest rate of current pataca deposits in Macao's banks has dropped to 1.5 percent following seven continuous cuts so far this year.
The authorities note that the lower interest rate will reduce the managing cost of local enterprises and spur Macao's exports, benefiting the recovering economy of the SAR in all.
Statistics show that the total deposits of the Macao residents in local banks reached 89.3 billion patacas (about 11.2 billion US dollars) at the end of April this year, up 8.2 percent on an annual basis.
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