The 13th Inauguration Ceremony and Honorary President Appointment Ceremony of the Macau Association of Banks (ABM) took place on Friday, with Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) Edmund Ho Hau Wah appointed honorary chairperson.
The event was officiated over by a number of guests such as Edmund Ho, Chief Executive Ho Iat Seng, Liaison Office Director Fu Ziying and Secretary for Economy and Finance Lei Wai Nong.
US interest rate hike ‘doesn’t affect’ Macau
Meanwhile, speaking with reporters after the ceremony, ABM Chairman Ip Sio Kai told reporters that the rising interest rate in the US currently does not affect Macau, with the increase of 0.25 percent being what the market had expected and that the market has also “fully digested the information”.
Ip also remarked that as the Hong Kong dollar, pataca and greenback are pegged to each other, their interest rates share the same trend, adding that the local market has sufficient Hong Kong dollar funds. Ip said: “According to previous experience, when we have sufficient funds, we do not follow the US’s fluctuation of interest rates. Therefore, currently it does not affect Macau”.
However, Ip added that if the US interest increase rates are to continue, after three to five times, Hong Kong and Macau’s interest rates would finally be affected. He added that the local mortgage rate may also be affected.
Macau Association of Banks (ABM) Chairman Ip Sio Kai speaks with reporters after Friday’s ceremony at MGM Macau in Nape. Photo: Rui Pastorin
