AMCM and Central Bank of Timor-Leste renew bilateral cooperation agreement

The Monetary Authority of Macao (AMCM) and the Central Bank of Timor-Leste (BCTL) signed a renewed cooperation agreement to deepen and strengthen collaboration in various areas, the AMCM said in a press statement.

The renewed agreement was signed earlier this week during the 6th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries in Macau.

According to AMCM, the renewed agreement has set out the general framework for cooperation between the AMCM and the BCTL, covering different aspects of the functions of financial regulators. It will also deepen cooperation between the two central banking institutions in various areas, with particular emphasis on financial supervision and technical assistance in central banking operations. The updated cooperation agreement replaces a previous version signed back in 2019.

Concurrently, a bilateral meeting between the parties was held to share experiences and information on financial supervision, financial market development, and reserves management.

In this meeting, AMCM provided insights into its operations to improve financial supervision, sharing experiences in revising the Financial System Act, the various guidelines formulated to support the development of modern financial services and anti-money laundering, the evolution of mobile payments, and the study of a risk-based capital framework for the insurance industry, as well as the management of the Fiscal Reserve and foreign exchange reserves.

Concurrently, the AMCM and the Macao Central Securities Depository and Clearing Limited (MCSD) introduced Macau’s bond-market development to BCTL, and the custody of Chinese sovereign bonds denominated in Renminbi under MCSD, as well as their services.

The AMCM also welcomed Timor-Leste to invest and raise funds through Macau’s bond platform.