Deposit protection limit set to increase

The government has announced a significant increase in the deposit protection compensation limit, raising it from MOP 500,000 to MOP 800,000, effective October 1, 2024. This adjustment marks the first change in the compensation cap in 12 years, and aims to enhance depositor security amid rising financial standards in neighboring regions. The decision was published yesterday in the Official Gazette. Officials stated that the increase is part of ongoing efforts to bolster confidence among depositors and maintain stability within the banking sector.