Macau’s financial reserves grew 2.81% during the first quarter (Q1) of this year, according to a Q1 report from the Monetary Authority of Macao (AMCM) in the government’s official gazette.
At the end of March, the government’s reserve accounts held MOP596,79 billion.
This was composed of the Basic Reserve of MOP153.40 billion, the Extraordinary Reserve of MOP431.86 billion and investment earnings during the period of MOP11.53 billion.
At the end of 2023, the financial reserves totaled MOP580.47 billion, which means that from January to March the reserves grew some MOP16.32 billion.
Considering the government’s current annual expenditure, the reserve funds would be enough to cover five years of the government’s budget.
The maximum sum ever reached by the financial reserve accounts was of MOP663.56 billion.
The 2024 budget is the first from the term of Chief Executive Ho Iat Seng not to be in deficit and so not needing to use the financial reserves to balance the accounts, which is what has happened since 2020 because of the Covid-19 pandemic.
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