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Macao's Forex Reserves Grow
The Macao Special Administrative Region (SAR) reported a 10-percent increase year on year in its foreign exchange reserves which stood at 28 billion patacas (3.5 billion U.S. dollars) by the end of June.
The increase should be mainly attributed to the sustained profits from current account projects, the brisk gambling business and the high returns from foreign currency investment, Anselmo Teng, president of the Macao Monetary Authority, told the press Friday.
The figure reached 26.7 billion patacas (3.34 billion U.S. dollars) on December 31, 2000, up 16 percent from a year earlier.
Teng said that Macao's banks reaped stable profits and their non-performing loans and credits dropped.
As part of the efforts to strengthen financial administration, Macao joined the Asia/Pacific Group on Money Laundering (APG) this year.
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