Macau government extends contracts with currency issuing banks for ten years

7 September 2010

Macau, China, 7 Sept – The Macau government Monday signed new contracts for authorisation to issue currency for a further ten years with the Bank of China and Banco Nacional Ultramarino, The government Information Bureau said.

The current contract for issuing currency was drawn up by the then Portuguese administration of Macau with the Macau branch of the Bank of China and Banco Nacional Ultramarino and came into force on 16 October, 1995 and is due to end on 15 October, 2010.

In 1902 Banco Nacional Ultramarino set up a branch in Macau and it was granted the privilege of issuing Macau’s currency.

In 1980, the Portuguese administration set up a publicly-run issuing body, the Macau Issuing Institute, the predecessor to the current Macau Monetary Authority.

From then on Banco Nacional Ultramarino, via a currency management contract, became the agent bank for currency issue.

In 1995, the Portuguese administration renewed its contract with Banco Nacional Ultramarino and signed its first delegation contract with the Macau branch of the Bank of China, and since then the two banks have issued currency equally. (macauhub)