Macao's composite interest rates for pataca, HKD rise in Q3

MACAO, Nov. 24 (Xinhua) -- The composite interest rates for the pataca (MOP) and the Hong Kong dollar (HKD) rose from 0.56 percent and 1.05 percent at the end of June to 0.88 percent and 1.71 percent, respectively, at the end of September, the Monetary Authority of Macao announced on Thursday.

The composite interest rates for the MOP and the HKD rose 32 basis points and 66 basis points respectively, reflecting a general increase in the funding costs of the local banking sector in the third quarter of 2022, according to the authority.

Macao's composite interest rates are the weighted average interest rates of all interest-bearing liabilities and non-interest-bearing demand deposits on local banks' books, said the authority.

Macao started compiling the composite interest rates of its banking sector for the MOP and the HKD in 2020. The monetary authority released such figures for the first time in early 2021.