Macau’s GDP expected to post single digit growth in 2013

19 March 2013

Macau’s secretary for the Economy and Finance Francis Tam Pak Yuen said Monday that the rate of growth of Macau’s economy would this year remain at below 10 percent and added that although the global economy would likely see an upturn GDP growth of more than a single digit was not expected in Macau.

The territory’s Statistics and Census Bureau said Friday that the rate of growth of the gross domestic product had totalled 9.9 percent in 2012, which was the lowest rate since 2009.

At a meeting promoted by the Macau Monetary Authority (AMCM), the AMCM chairman Anselmo Tang said that retail banks operating in Macau are compliant with international standards to combat money laundering.

Referring to recent accusations from a US senator about deals between the Delta Asia Bank and North Korea, Tang reaffirmed that “banks operating in Macau have complied with laws and guidelines given, namely the recommendations of the International Monetary Fund on combating money laundering and financing terrorism.”

The chairman of the AMCM also said there was no reason for concern about possible new sanctions against the Delta Asia bank, which is only able to work in the local market and in Macau’s official currency, the pataca, due to sanctions imposed by the United States.

Changes were made at the Delta Asia Bank in 2005 after the United States accused the bank of cooperating with North Korea in money laundering that funded the North Korean regime and its nuclear programme. (macauhub)