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Macau currency is called the Macau Pataca. It is identified with the symbol "$"
sign. Sometimes, to avoid confusion with the Hong Kong dollar, the Currency of
Macau is also written as "M$" or "MOP$." A Macau Pataca is
divided in to 100 avos. Coins are issued in the denomination of 10, 20, and 50
avos and 1, 5, and 10 patacas. Macau currency notes are issued in 10, 20, 50,
100, 500, and 1,000 patacas.
Macau currency is hooked to the Hong Kong dollar. As the later is pegged to
the U.S. dollar, the Macau Pataca is indirectly pegged to the US dollar. The
HK$100 stands at 103.20 Macau Pataca. No need to exchange your currency if your
Macau visit is very short. People of Macau readily accept the Hong Kong dollars.
Hotel and restaurant rates are generally quoted in Hong Kong dollars. One may
get approximately 8 Macau Pataca for each US$1.
Macau currency, the Macau Pataca was first printed in 1905. At that time the
Portuguese Macau Government, in the absence of any central bank in Macau was
the sole authority to issue currency in Macau. Since 1965, the Macau Branch
of the Bank of China has been entrusted to issue currency notes. The commercial
banks in Macau are required to handover their foreign exchange earnings to the
Macau Monetary and Cambial Authority against debt certificates to permit them
to Macau Pataca.
Macau currency system is free from foreign exchange control regime. Macau residents
may visit banks or money change shops directly and buy foreign currencies exchanging
the Macao Pataca. Monetary and Cambial Authority of Macao, the highest financial
authority in Macao exercises functions of a quasi-central bank scrutinizing
and supervising the banking business and helping the government in formulation
and implementation of monetary policies. The backing of Macau Pataca with 100%
reserve fund and considerable autonomy given by the Chinese mainland government
makes Macau Currency as well as the monetary system a saga of success.
Asiarooms provides information about Macau Travel. For further information,
explore the relevant links on Asiarooms.
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