According to information released by the Monetary Authority of Macau, total deposits decreased at a slightly faster rate than total loans in October. This caused the loan-to-deposit ratio of the banking sector to rise marginally compared with the previous month. Currency in circulation grew at a slower rate (1.7 percent) than demand deposits (3.3 percent), while quasi-monetary liabilities fell by 1.4 percent. The effect of this was a general tightening of the money supply during October. Resident deposits decreased by 1 percent from the previous month to a value of MOP466.1 billion, while non-resident deposits rose by 1.5 percent to MOP273.9 billion
Group demands measures to stimulate housing market
The Macau Association of Building Contractors and Developers has urged the authorities to come up with measures to boost falling housing prices. As the region’s property prices have fallen for almost a year due to the economic slowdown in the gaming industry, the group hopes the government can ease mortgage restrictions for first-time property buyers by letting the financial institutions decide the ratio. The group also supports the government’s policy of “social housing first, affordable housing next,” which could see a reduced supply of affordable housing for youth and lower income families.
Electronic ID card wins international recognition
The Macau SAR Electronic Identity Card has won an award from the Asia Pacific Smart Card Association (APSCA) for its role in making citizens’ lives easier and more convenient. The Identification Services Bureau received the Radiant electronic-identification award at the 11th Asian Government Forum on Electronic Identity in Dhaka, Bangladesh. The award is for a public electronic identity scheme that has consistently delivered exemplary service over a five-year period, as well as quantifiably improving citizens’ and residents’ lives. It focuses on the application of smart card technology to public sector service offerings. The bureau thanked APSCA for the Radiant award and announced that in future, citizens will be able to use more electronic public services with their ID cards. APSCA is a non-profit smart card organization within the Asia-Pacific region and provides consultancy services to smart card scheme operators and suppliers, among others.
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