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Macao Banks Further Lower Interest Rate
The banks in China's Macao Special Administrative Region (SAR) cut the interest rate by 0.5 percentage points Wednesday, which now represents the lowest level since 1994.
The interest rate of current pataca deposits in Macao banks has dropped to one percent following eight continuous cuts so far this year.
This was the result of the recent decision of the U.S. Federal Reserve on further interest rate cuts, as Macao banks calculate the base interest rate in a way that is directly linked with that of the U.S. banks, according to the Association of Banks of Macao.
Francis Tam Pak Yuen, secretary for economy and finance of the SAR government, notes that the cut of interest rate is "a piece of good news" for Macao, because it can lower the cost of fund collection by local enterprises and benefit the recovering economy of the SAR in all.
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