Macau’s statutory bank deposit protection limit for each depositor will be raised from the current 500,000 patacas to 800,000 patacas from October 1.
Macau’s deposit protection legal system took effect in 2012. The protection limit has been 500,000 patacas since then.
A newly drawn-up administrative regulation raising the protection limit to 800,000 patacas was promulgated in the Official Gazette (BO) on Monday.
Government-drafted administrative regulations, informally known as by-laws, do not require the legislature’s approval.
A statement by the Macau Monetary Authority (AMCM) on Monday noted that the Macau government decided to raise the protection limit to 800,000 patacas after considering that “a neighbouring region” will raise its bank deposit protection limit soon.
Hong Kong will raise its bank deposit protection limit from the current 500,000 patacas to 800,000 patacas from October 1.
This poster in Chinese released by the Macau Monetary Authority (AMCM) on Monday explains the upcoming increase in bank deposit protection limit.
