Macau banking assets rise 26.6 percent in 2005

9 March 2006

Macau, China, 09 March – The total assets of Macau’s banking sector increased 26.6 percent in 2005 to US$28.11 billion, the president of Macau’s monetary authority, Anselmo Teng Lin Seng, said Wednesday.

Speaking at the reception of the Spring Festival, Teng said that bank deposits increased by 29.4 percent to US$24 billion while loans increased 24.1 percent to US$8.47 billion.

Teng also said that minimum cash reserves stood at around 15 percent, practically double the percentage recommended by the Basel Commission.

The sector’s profits increased by 123.6 percent to US$429.8 million, Teng said, adding that in 2005 three banks began operations in Macau, two of which are for offshore operations.

Teng added that the Special Autonomous Region of Macau had foreign exchange reserves of US$6.9 billion, an annual increase of 22.7 percent. (macauhub)