Monetary Authority says sovereign wealth fund could be created

The president of the Monetary Authority, Anselmo Teng

The Monetary Authority of Macau (AMCM) has not ruled out the possibility of creating a sovereign wealth fund, as recently suggested by the International Monetary Fund (IMF) in its Staff Report on Macau’s economic development and policies.
The president of the Monetary Authority, Anselmo Teng, quoted by Radio Macau, has said that actions have been taken to establish such a fund, if the government decides to accept IMF’s suggestion.
As the Times reported yesterday, the IMF released its first Staff Report on Macau’s economic development last week, pointing out the economy’s continuous growth, but highlighting a possible real estate bubble, and other issues that might be triggered when the economy is not as diverse as it should be.
“IMF’s suggestion comes as at a time when a growth in the financial reserve is expected. Although we have adopted a cautious strategy over time, they appreciate this strategy, considering it an adequate one. If the reserve continues to grow, there will be a margin for a greater diversification of our investment. And the sovereign fund is, of course, one of the options,” Teng told reporters.
When it comes to IMF’s concerns regarding a real estate bubble, the AMCM president said that the Macau government has already introduced measures to tackle property market overheating issues and they will continue to assess the situation.