Deposits at local banks stood at an equivalent of 96.13 billion patacas (US$12.02 billion) at the end of last November, a 1.3 percent increase from a month earlier, according to sources from the Macao Monetary Authority.

In the meantime, credit and loans for local organizations and individuals also ended a three-month declining streak, edging up 0.1 percent on a monthly basis to 35.05 billion patacas (US$4.38 billion) by November.

The sources said Hong Kong dollar deposits and loans recorded the biggest increases.

At the end of November, the Macao SAR had official foreign exchange reserves totaling 36.6 billion patacas (US$4.58 billion).

The Macao Monetary Authority is poised to establish a market supervision scheme up to international standard, run forex reserves in a more cautious manner and develop Macao into a more influential financial service center step by step.

(Xinhua News Agency February 6, 2003)