Monetary Authority of Macau

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Monetary Authority of Macau

The central bank of Macau. It is responsible for issuing the Macanese pataca. The pataca is pegged to the Hong Kong dollar using a currency board system. That is, the Monetary Authority of Macau is legally obligated to redeem pataca for the equivalent amount of Hong Kong dollars on demand. It was established in 1989 and re-formed in 1999 upon the transfer of Macau from Portuguese to Chinese control