Interest rates rise in Q1

According to statistics released by the Monetary Authority of Macao (AMCM), funding costs of the banking sector in Macau generally increased in the first quarter (Q1) of 2023.In end-March 2023, the composite interest rates for MOP and HKD rose respectively by 0.17% and 0.21%, from 1.53% and 2.81% (in end-2022) to 1.69% and 3.03%. Macau’s composite interest rates are the weighted average interest rates of all interest-bearing liabilities and non-interest-bearing demand deposits on Macau banks’ books. The rise of the interest rates in Macau follows the international trend and is related to the global economic situation and forecast.