The exchange rate peg of the pataca to the Hong Kong dollar and, through it, the US dollar is considered to be the most appropriate scheme for Macau by the International Monetary Fund (IMF), the president of the Monetary Authority of Macau said Tuesday.

Anselmo Teng said that the IMF’s position was included in the conclusions of the evaluation report on Macau in 2014, which not only called for keeping the pataca pegged to the Hong Kong dollar but also states that Macau should focus on prudent management of its financial reserves.

The president of the Macau Monetary Authority, during the traditional Spring reception, announced that profits of the banking sector in Macau in 2014 grew by double digits to 9.6 billion patacas (US$1.2 billion), according to Portuguese news agency Lusa.

In late 2014 Macau’s banks had assets of 1.174 trillion patacas (US$143 billion), deposits amounting to 791.1 billion patacas (US$98.8 billion) and granted loans in the amount of 689.7 billion patacas (US$86.2 billion).

Tang also said that at the end of last year Macau’s financial reserves amounted to 246.3 billion patacas (US$30.78 billion) and foreign reserves totalled 131.4 billion patacas (US$16.4 billion). (macauhub/MO)