Pataca

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Related to patacas: Macau, Macanese pataca

Pataca

The currency of Macau. It was introduced in 1894. Macau is a special administrative region of China; perhaps because of this, 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.
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References in periodicals archive ?
The interagency Human Trafficking Deterrent Measures Concern Committee, led by the security bureau, coordinated Macau's anti-trafficking efforts; the government allocated 3.6 million patacas ($450,000) to the committee for anti-trafficking activities in 2017, compared to 3.2 million patacas allocated in 2016 ($400,000).
His assets, worth 250 million patacas ($32.3 million), were confiscated.
''But in 2009, the monthly net profit from the industry could be down to 7 billion patacas. The business is going to suffer from downward pressure, but we do not have to be too pessimistic,'' he said.
Ao, along with his wife and family members, was put on trial for allegedly pocketing 800 million patacas originally.
The former Portuguese enclave that was returned to Chinese rule in 1999 recorded 83 billion patacas (about $10.6 billion) in revenue last year, up from 56.6 billion patacas in 2006, according to the Macao's Gaming Inspection and Coordination Bureau.
A former senior Macao official went on trial Monday for allegedly pocketing 800 million patacas (about $102 million) in bribes in Macao's biggest corruption case.
The Gaming Inspection and Coordination Bureau of Macao, the former Portuguese enclave returned to Chinese rule in 1999 and cracked open its four-decade old casino monopoly once held by mogul Stanley Ho in 2002, said gross revenue from casinos grew 23 percent to near 55 billion Macao patacas (US$7.1 billion) last year from 44.7 billion patacas in 2005.
Not only because of the high pay, 13,200 patacas (about $1,700) compared with 4,000-5,000 patacas for hotel receptionists, but also because of a much better, extensive benefits package,'' he said.
Under the deal, Wynn Resorts must invest 4 billion patacas (about US$497 million) within the first seven years and complete the construction of its first entertainment and resort complex by 2006, a spokeswoman for the Macao government said.
Under the deal, the company will invest 8.8 billion patacas (about $1.09 billion) within 10 years and must open two resorts and a conference center before the end of 2006.