Monetary Authority of Macau

(redirected from Monetary Authority of Macao)
Also found in: Wikipedia.

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
References in periodicals archive ?
To protect the legal interests of financial institutions and Mainland China Union Pay (CUP) cardholders, as well as to ensure the effectiveness of the measure to monitor ATM cash withdrawals by Mainland CUP cards, starting tomorrow (4 July), the Monetary Authority of Macao (AMCM) is requesting those ATMs without Know-Your-Customer (KYC) techniques installed to suspend cash withdrawals services for Mainland CUP cards.
The Monetary Authority of Macao (AMCM) has always been highly concerned about the anti-money laundering and combating the financing of terrorism monitoring measures of the financial sector and has formulated the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Guideline in accordance with international standards set out by the Financial Action Task Force (FATF).
In the concluding meeting with the Monetary Authority of Macao (AMCM), the IMF staff pointed out that the Macao SAR economy had started an important transition by moving towards a less volatile and more sustainable economic model.