The funding costs of the local banking sector dropped slightly in the fourth quarter of 2021, according to the Monetary Authority of Macao. At end-December 2021, the composite interest rate for MOP remained virtually unchanged from the previous quarter, at 0.48%, whereas that for HKD edged down by 1 basis point, from 0.82% at end-September 2021 to 0.81%. The composite interest rates are the weighted average interest rates of all interest-bearing liabilities and non-interest-bearing demand deposits on the books of local banks.
56 suspected illegal workers in January
A total of 56 suspected illegal workers were detected by the local authorities during a joint operation between the Public Security Police Force, the Labour Affairs Bureau, and other authorities against illegal workers in January. This figure is 46% higher than that of the previous month. The Public Security Police Force, the Labour Affairs Bureau and other authorities searched 464 locations, including construction sites, private flats, commercial and industrial establishments. During a similar operation in December, authorities inspected 306 locations and found 35 suspected illegal workers.
