Deposits decrease nearly 5%

Currency in circulation and demand deposits dropped 1.5% and 4.7% respectively in March, according to data from the Monetary Authority of Macao, causing M1 to decrease 3.8% from the month prior. Resident deposits remained stable at MOP724.4 billion in light of the preceding month, whereas non-resident deposits decreased 1.8% to MOP316.3 billion. On the other hand, public sector deposits with the banking sector increased 2.5% to MOP192.9 billion. Domestic loans to the private sector grew 0.5% from a month ago to MOP537.4 billion.