The
pataca ' onMouseout='HidePop("83922")' href="http://www.absoluteastronomy.com/topics/ISO_4217">ISO 4217
ISO 4217 is the international standard describing three-letter codes to define the names of currencies established by the International Organization for Standardization...
code:
MOP) is the currency of
MacauThe Macau Special Administrative Region , commonly known as Macau or Macao , is one of the two special administrative regions of the People's Republic of China, the other being Hong Kong...
. It is subdivided into 100
avos (Cantonese: 仙;
sin), with 10 avos called
ho (毫) in Cantonese. The abbreviation
MOP$ is commonly used.
Macau adopts the so-called
currency board systemA currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency. This policy objective requires the conventional objectives of a central bank to be subordinated to the exchange rate target....
under which the
legal tenderLegal tender or forced tender is an offered payment that, by law, cannot be refused in settlement of a debt, and have the debt remain in force....
, Macanese pataca, is 100 percent backed by foreign exchange reserves, in this case currently the
Hong Kong dollarThe Hong Kong dollar is the currency of Hong Kong. It is the 9th most traded currency in the world. In English, it is normally abbreviated with the dollar sign $, or alternatively HK$ to distinguish it from other dollar-denominated currencies. The dollar is subdivided into 100 cents.-Etymology:In...
. Moreover, the currency board,
Monetary Authority of MacaoThe Monetary Authority of Macao is a regulatory institution established on December 20, 1999, upon the transfer of the sovereignty of Macau from Portugal to the People's Republic of China as the Macau Special Administrative Region ....
(AMCM), has a statutory obligation to issue and redeem pataca on demand against the Hong Kong dollar at a fixed exchange rate and without limit.
Etymology
The name "pataca" was derived from the then popular silver coin in
AsiaAsia is the world's largest and most populous continent, located in the eastern and northern hemispheres. It covers 8.6% of the earth's total surface area and with approximately 4 billion people, it hosts 60% of the world's current human population.Asia is traditionally defined as part of the...
, the
Mexican pesoThe peso is the currency of Mexico. The peso was the first currency in the world to use the "$" sign, which the United States dollar later adopted for its own use. The peso is the 12th most traded currency in the world and by far the most traded currency in Latin America and third most traded in...
(eight reales), known in
PortuguesePortuguese is a Romance language that originated in what is now Galicia and northern Portugal. It is derived from the Latin spoken by the romanized Pre-Roman peoples of the Iberian Peninsula around 2000 years ago...
as the
pataca mexicana.
The
ChineseChinese or the Sinitic language is a language family consisting of languages mutually unintelligible to varying degrees. Originally the indigenous languages spoken by the Han Chinese in China, it forms one of the two branches of Sino-Tibetan family of languages...
name for the currency is yuan (圓), which is the same word for
Chinese yuanThe renminbi is the currency of the People's Republic of China , whose principal unit is the yuan , subdivided into 10 jiao , each of 10 fen . The renminbi is issued by the People's Bank of China, the monetary authority of the PRC. The ISO 4217 abbreviation is CNY, although it is also commonly...
,
New Taiwan dollarThe New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949...
and Hong Kong dollar, and is a part of translated names of some foreign currencies, notably dollars. People in
Hong KongHong Kong , officially the Hong Kong Special Administrative Region, is a highly autonomous territory of the People's Republic of China, facing Guangdong to the north and the South China Sea to the east, west and south...
or
MacauThe Macau Special Administrative Region , commonly known as Macau or Macao , is one of the two special administrative regions of the People's Republic of China, the other being Hong Kong...
, however, usually refer the Macanese pataca as "Portuguese money" (葡幣), a term already in use during Portuguese administration.
History
The pataca was introduced in 1894 as a unit of account. It was initially equivalent to the
Mexican pesoThe peso is the currency of Mexico. The peso was the first currency in the world to use the "$" sign, which the United States dollar later adopted for its own use. The peso is the 12th most traded currency in the world and by far the most traded currency in Latin America and third most traded in...
,
Spanish dollarThe Spanish dollar is a silver coin, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497. It was legal tender in the United States until an Act of the United States Congress discontinued the practice in 1857...
and Hong Kong dollar, and replaced the
Portuguese realThe real was the unit of currency of Portugal from around 1430 until 1911. It replaced the dinheiro at the rate of 1 real = 840 dinheiros and was itself replaced by the escudo at a rate of 1 escudo = 1000 réis...
at a rate of 1 pataca = 450 réis. In 1905, the Macau Government granted the
Banco Nacional UltramarinoBanco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces...
(BNU; 大西洋銀行) the monopoly right to issue banknotes in pataca denominations. The first batch of one-pataca and five-pataca banknotes was circulated in Macau on 27 January the following year.
Until 1935, the pataca was pegged to the Hong Kong dollar at par. A succession of pegs to the
Portuguese escudoThe escudo was the currency of Portugal prior to the introduction of the Euro on 1 January 1999 and was removed from circulation on 28 February 2002. The ISO 4217 code of the escudo was PTE. The escudo was subdivided into 100 centavos. Its symbol was the cifrão , similar to the dollar sign, but...
followed, before the Hong Kong dollar was readopted as the peg.
| Pegs for the Macanese pataca |
| Date established | 1 pataca = |
|---|
| 1894 |
1 Hong Kong dollar |
| 1935 |
5.5 Portuguese escudos |
| 1949 |
5 Portuguese escudos |
| 1967 |
4.75 Portuguese escudos |
| 1973 |
5.015 Portuguese escudos |
| | 1 Hong Kong dollar = |
|---|
| 1977 |
1.075 patacas |
| 1978 |
1.0025 patacas |
| 1979 |
1.0425 patacas |
| 1983 |
1.03 patacas |
In 1980, the Macau Government set up the Issuing Institute of Macau (Instituto Emissor de Macau; abbr. as IEM), which was given the monopoly right to issue pataca notes. The BNU became the IEM's agent bank and continued to issue banknotes. On agreement with the BNU on October 16, 1995, the Macau branch of
Bank of ChinaBank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
(中國銀行澳門分行) became the second note-issuing bank. The authority to issue patacas was transferred to the Monetary Authority of Macau.
Coins
Coins were not issued for use in Macau until 1952, with the 20 cent coin of
Canton ProvinceGuangdong is a province on the southern coast of People's Republic of China. The province was previously often written with the alternative English name Kwangtung Province...
circulating. In 1952, bronze 5 and 10 avos, cupro-nickel 50 avos and .720 fineness silver 1 and 5 patacas were introduced. Nickel-brass replaced bronze in 1967, including the last issue of 5 avos. Nickel replaced silver in the 1 pataca in 1968. In 1971, a final (.650 fineness) silver issue of 5 patacas was produced.
Brass 10, 20 and 50 avos and cupro-nickel 1 and 5 patacas were introduced in 1982. The 20 avos and 5 patacas became
dodecagonIn geometry, a dodecagon is any polygon with twelve sides and twelve angles.- Regular dodecagon :In a regular dodecagon, all sides have equal length and all angles have measure 150°...
al in 1993 and 1992, respectively, whilst a bimetallic 10 patacas was introduced in 1997 and a
cupronickelCupronickel or Coppernickel is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
2 patacas in 1998. Coins are issued by the
Monetary Authority of MacaoThe Monetary Authority of Macao is a regulatory institution established on December 20, 1999, upon the transfer of the sovereignty of Macau from Portugal to the People's Republic of China as the Macau Special Administrative Region ....
.
| Currently Circulating Coins |
| Value | Composition | Obverse | Reverse | First Minted Year |
|---|
| 10 avos |
BrassBrass is any alloy of copper and zinc; the proportions of zinc and copper can be varied to create a range of brasses with varying properties. In comparison, bronze is principally an alloy of copper and tin. Despite this distinction, some types of brasses are called bronzes. Brass is a...
|
"Macau", "澳門" |
Value , Lion DanceLion dance is a form of traditional dance in Chinese culture, in which performers mimic a lion's movements in a lion costume .Asiatic lions found in nearby India are the ones depicted in the Chinese culture.-History:...
Costume Head |
1993 |
| 20 avos |
Denomination , Dragon boat A dragon boat is a very long and narrow canoe-style human-powered boat. It is now used in the team paddling sport of dragon boat racing which originated in China over 2000 years ago...
|
| 50 avos |
Denomination , Dragon danceDragon dance is a form of traditional dance and performance in Chinese culture. Like the lion dance it is most often seen in festive celebrations. Many Chinese people often use the term "Descendants of the Dragon" as a sign of ethnic identity, as part of a trend started in the 1970s, however the...
|
| MOP$1 |
CupronickelCupronickel or Coppernickel is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
|
"Macau", "澳門" |
Value , Guia Lighthouse |
1992 |
| MOP$2 |
Denomination , Templo de A-Má and Penha curch |
1998 |
| MOP$5 |
Denomination , Cathedral of Saint PaulThe Ruins of St. Paul's refer to the façade of what was originally the Cathedral of St. Paul, a 17th century Portuguese cathedral in Macau dedicated to Saint Paul the Apostle. Today, the ruins are one of Macau's most famous landmarks. In 2005, the Ruins of St...
, Chinese junkA junk is a Chinese sailboat design dating from ancient times and still in use today. Junks were originally developed during the Han Dynasty and were used as ocean going vessels as early as the 2nd century AD. They were further evolved in the later dynasties, and were built and used throughout...
|
1992 |
| MOP$10 |
Ring: BrassBrass is any alloy of copper and zinc; the proportions of zinc and copper can be varied to create a range of brasses with varying properties. In comparison, bronze is principally an alloy of copper and tin. Despite this distinction, some types of brasses are called bronzes. Brass is a...
Center: CupronickelCupronickel or Coppernickel is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater...
|
"Macau", "澳門" |
Value , St. Dominic’s Church of Macau |
1997 |
Banknotes
In a similar arrangement to the issue of banknotes in Hong Kong, Macanese banknotes are not issued by a central bank or monetary authority but by two
commercial bankA commercial bank is a type of financial intermediary and a type of bank. Commercial banking is also known as business banking. It is a bank that provides checking accounts, savings accounts, and money market accounts and that accepts time deposits. After the Great Depression, the U.S...
s, the
Banco Nacional UltramarinoBanco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces...
and the
Bank of ChinaBank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
. Owing to Macau's Portuguese colonial past, banknotes are printed in Portuguese as well as Chinese, including the name of the Bank of China which is written as both
"Banco Da China" and "中國銀行".
History
On January 27, 1906, 1, 5, 50 and 100 pataca notes were introduced by the
Banco Nacional UltramarinoBanco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces...
. These were followed in 1907 by 10 and 25 pataca notes. In February 1920, 5, 10 and 50 avo notes were added.
In 1923, the Banco Vui Hang introduced 10 pataca notes which stated that they were backed by Cantonese 20 cent coins. These notes were followed until 1934 by cashier's cheques issued by various banks in denominations of 1, 5, 10, 50, 100, 200, 400, 800 and 1000 dollars, presumably equivalent to the pataca. In 1944, further cashier's cheques were issued, denominated 1000 yuan and NC$5000.
The BNU issues were augmented by 1 and 20 avo notes in 1942. In 1944, 500 pataca notes were introduced. Denominations below 10 patacas were replaced by coins in 1952. The 25 pataca note was discontinued after 1958.
On August 8, 1988, BNU issued a 1000 pataca banknote, the highest value banknote yet. Because 8 in Chinese (Ba) is similar to "getting rich" (Fa; 發), this unique date, which occurs only once per century, gives the note a special meaning. Another feature is the replacement of the
Coat of arms of PortugalThe Coat of arms of Portugal was officially adopted in 30 June 1911, along with the Republican Flag of Portugal. It is based in the coat of arms used by the Portuguese Kingdom since the Middle Ages.-History and meaning:...
with BNU's logo, shedding a political symbol in the prospect of reunification with China. In 1995, the
Banco da ChinaBank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
introduced notes in denominations of 10, 50, 100, 500 and 1000 patacas. Both the BNU and Banco da China introduced 20 pataca notes in 1996.
Current issue
Banknotes are currently issued in denominations of 10, 20, 50, 100, 500 and 1000 patacas. The current series of BNU banknotes was issued in 2005, while the Bank of China notes were last issued between 1995 and 2003. The dimensions of the banknotes are "coincidentally" the same as that of
Hong Kong banknotesThe issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority , the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in...
worth the corresponding number of dollars. On December 20, 1999, the day Macau was retroceded to China, banknotes of all values (except for 10 patacas) by both banks were reissued with that date. On January 5, 2009, the Monetary Authority of Macau announced a new series of banknotes, dated 2008, released by the Bank of China.
Banco Nacional UltramarinoBanco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces...
1990 Series Banknote (being withdrawn) |
| Value | Dimensions | Color | Obverse | Reverse | Printed Date | Watermark |
|---|
| MOP$10 |
138 × 69 mm |
Brown |
Dr. SunSun Yat-sen was a Chinese revolutionary and political leader. As the foremost pioneer of Republican China, Sun is frequently referred to as the Father of the Nation. Sun played an instrumental role in overthrowing the Qing Dynasty in October 1911, the last imperial dynasty of China...
Memorial Hall |
A view of Macau in the 90's, Ponte Governador Nobre de CarvalhoGovernor Nobre de Carvalho Bridge , also known as the Macau-Taipa Bridge , is a dual-lane two-way bridge connecting Macau Peninsula near Casino Lisboa and the island of Taipa at the northern slope of Taipa Pequena...
|
July 8 1991 |
Chinese junkA junk is a Chinese sailboat design dating from ancient times and still in use today. Junks were originally developed during the Han Dynasty and were used as ocean going vessels as early as the 2nd century AD. They were further evolved in the later dynasties, and were built and used throughout...
|
| Red, Violet |
January 8 2001
June 8 2003 |
| MOP$20 |
143 × 71.5 mm |
Violet |
Old BNUBanco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces...
headquarter |
September 1 1996
December 20 1999
June 8 2003 |
| MOP$50 |
148 × 74 mm |
Yellow |
Lion danceLion dance is a form of traditional dance in Chinese culture, in which performers mimic a lion's movements in a lion costume .Asiatic lions found in nearby India are the ones depicted in the Chinese culture.-History:...
|
July 13 1992
December 20 1999 |
| MOP$100 |
153 × 76.5 mm |
Blue |
Chinese junkA junk is a Chinese sailboat design dating from ancient times and still in use today. Junks were originally developed during the Han Dynasty and were used as ocean going vessels as early as the 2nd century AD. They were further evolved in the later dynasties, and were built and used throughout...
|
July 13 1992
December 20 1999
June 8 2003 |
| MOP$500 |
158 × 79 mm |
Green, yellow, orange |
A-Ma Temple A-Ma Temple , situated on the southwest tip of the Macau Peninsula, is one of the oldest and most famous temples in Macau. Built in 1488, the temple is dedicated to the goddess of seafarers and fishermen Matsu....
|
September 3 1990
December 20 1999
June 8 2003 |
| MOP$1000 |
163 × 81.5 mm |
Red |
Dragon |
July 8, 1991
December 20 1999
June 8 2003 |
Bank of ChinaBank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
1995 Series Banknote |
| Value | Dimensions | Color | Obverse | Reverse | Printed Date | Watermark |
|---|
| MOP$10 |
138 × 69 mm |
Brown |
Guia Lighthouse and Monte fort |
Bank of ChinaBank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
, Macau branch |
October 16, 1995 |
LotusNelumbo nucifera, known by a number of names including Indian lotus, sacred lotus, bean of India, or simply lotus, is a plant in the Nelumbonaceae family. Botanically, Nelumbo nucifera may also be referred to by its former names, Nelumbium speciosum or Nymphaea nelumbo. This plant is an aquatic...
|
| Red, orange |
January 8 2001
February 2, 2002
December 8 2003 |
| MOP$20 |
143 × 71.5 mm |
Violet |
A-Ma Temple A-Ma Temple , situated on the southwest tip of the Macau Peninsula, is one of the oldest and most famous temples in Macau. Built in 1488, the temple is dedicated to the goddess of seafarers and fishermen Matsu....
|
September 1, 1996
December 20 1999
December 8 2003 |
| MOP$50 |
148 × 74 mm |
Yellow-grey |
University of MacauThe University of Macau , established in 1981, was the first and currently the largest university in Macau, a former Portuguese colony and now a Special Administrative Region of China. It was formerly known as University of East Asia , and was renamed the University of Macau in 1991...
|
October 16 1995
November 1 1997
December 20 1999 |
| MOP$100 |
153 × 76.5 mm |
Blue |
Jetfoil terminalHong Kong-Macau Ferry Pier is located in Porto Exterior, Macau Peninsula, in the former Portuguese colony of Macau, now a Special Administrative Region of the People's Republic of China, near the reservoir on Avenida da Amizade.-History:The pier was formerly located near present-day Yaohan Store...
|
October 16 1995
December 20 1999
February 2 2002
December 8, 2003 |
| MOP$500 |
158 × 79 mm |
Green |
Ponte de Amizade The Ponte de Amizade is a four-lane, two-way bridge in Macau that connects Macau Peninsula near the Reservatório and Taipa Island at Pac On....
|
October 16 1995
December 20 1999
February 2 2002
December 8 2003 |
| MOP$1000 |
163 × 81.5 mm |
Orange |
Sai Van (Praia de Bom Porto) |
October 16 1995
December 20, 1999
December 8 2003 |
Banco Nacional UltramarinoBanco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces...
2005 Series Banknote |
| Value | Dimensions | Color | Obverse | Reverse | Printed Date | Watermark |
|---|
| MOP$10 |
138 × 69 mm |
Yellow/Purple |
Statue of Deusa A-Má of Macau |
BNUBanco Nacional Ultramarino was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces...
building |
August 8 2005 |
LotusNelumbo nucifera, known by a number of names including Indian lotus, sacred lotus, bean of India, or simply lotus, is a plant in the Nelumbonaceae family. Botanically, Nelumbo nucifera may also be referred to by its former names, Nelumbium speciosum or Nymphaea nelumbo. This plant is an aquatic...
|
| MOP$20 |
143 × 71.5 mm |
Violet |
Macau International Airport Macau International Airport situated at the eastern end of Taipa island and neighbouring waters, is the only airport in Macau, which opened for commercial operations in November 1995...
|
August 8, 2005 |
| MOP$100 |
153 × 76.5 mm |
Blue |
Largo do Senado |
August 8 2005 |
| MOP$500 |
158 × 79 mm |
Green |
Macau TowerMacau Tower , also known as Macau Sky Tower, is a tower located in the former Portuguese colony of Macau, now a Special Administrative Region of the People's Republic of China. The tower measures 338 m in height from ground level to the highest point...
|
August 8, 2005 |
| MOP$1000 |
163 × 81.5 mm |
Orange |
Macau Cultural Centre |
August 8 2005 |
Bank of ChinaBank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
2008 Series Banknote |
| Value | Dimensions | Color | Obverse | Reverse | Printed Date | Watermark |
|---|
| MOP$10 |
138 × 69 mm |
Red, orange |
A-Ma Temple A-Ma Temple , situated on the southwest tip of the Macau Peninsula, is one of the oldest and most famous temples in Macau. Built in 1488, the temple is dedicated to the goddess of seafarers and fishermen Matsu....
|
Bank of ChinaBank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China...
, Macau branch |
August 82008 |
LotusNelumbo nucifera, known by a number of names including Indian lotus, sacred lotus, bean of India, or simply lotus, is a plant in the Nelumbonaceae family. Botanically, Nelumbo nucifera may also be referred to by its former names, Nelumbium speciosum or Nymphaea nelumbo. This plant is an aquatic...
|
| MOP$20 |
143 × 71.5 mm |
Violet |
Ruins of St. Paul's |
| MOP$50 |
148 × 74 mm |
Brown |
Dom Pedro V Theatre Dom Pedro V Theatre , situated at Largo de Santo Agostinho, Macau, is one of the first western-style theatres in China. The theatre is an important landmark in the region and remains a venue for important public events and celebrations today. The Dom Pedro V Theatre was built in 1860 by local...
|
| MOP$100 |
153 × 76.5 mm |
Blue |
Guia Lighthouse and Monte fort |
| MOP$500 |
158 × 79 mm |
Green |
Casa do Mandarim |
| MOP$1000 |
163 × 81.5 mm |
Orange |
Leal SenadoThe Leal Senado, Portuguese for Loyal Senate, was the seat of Macau's government during its time as a Portuguese colony. It is located at one end of the Senado Square. The title was bestowed on Macau's government in 1810 by Portugal's Prince-Regent João, who would later become King John VI of...
|
The 2005 series of BNU was printed by
Royal Joh. EnschedéRoyal Joh. Enschedé is a printer of security documents, stamps and banknotes based in Haarlem, the Netherlands. Joh. Enschedé specialises in print, media & security. The company has branches in Amsterdam, Brussels and Haarlem.-History:...
, a security printing firm in the
NetherlandsThe Netherlands is a country in Northwestern Europe, constituting the major portion of the Kingdom of the Netherlands. It is a parliamentary democratic constitutional monarchy. The Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east...
.
Historical exchange rate
The following figures are included as a guide to the movements of the pataca against the
pound sterlingThe pound sterling , often simply called the pound, is the currency of the United Kingdom, its Crown dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands and British Antarctic Territory...
and the
United States dollarThe United States dollar is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents .The U.S...
:
| Date |
May, 1980 |
Feb, 2003 |
May, 2003 |
Aug, 2003 |
Nov, 2003 |
| £1.00 |
11.60 |
12.79 |
13.15 |
13.24 |
13.94 |
| US$1.00 |
5.20 |
8.03 |
8.03 |
8.30 |
8.25 |
Despite the fact that the pataca is the official currency of Macau, most of the money in circulation in the territory is actually Hong Kong dollars. Patacas accounted for only 29.9% of Macau's money supply at the end of 1998.
The exchange rate is pegged and is approximately MOP$103 for HK$100 as of February 2004. For United States dollars, to which the Hong Kong dollar is in turn
loosely peggedA linked exchange rate system is a type of exchange rate regime to link the exchange rate of a currency to another. It is the exchange rate system implemented in Hong Kong to stabilise the exchange rate between the Hong Kong dollar and the United States dollar...
, the exchange rate is around 8 patacas to 1 US dollar. Although it is possible to exchange patacas in Macau, it is either difficult or impossible to do so elsewhere. The few places in
Hong KongHong Kong , officially the Hong Kong Special Administrative Region, is a highly autonomous territory of the People's Republic of China, facing Guangdong to the north and the South China Sea to the east, west and south...
where patacas are available are concentrated on Cleverly Street, a short distance from the Macau Ferry.
Although the pataca is the legal tender of Macau, the Hong Kong dollar is almost universally acceptable in the city, and in some cases, is preferred to the Pataca. Circulation of the pataca is mandated by a decree (Decreto-Lei n.º 16/95/M) prohibiting refusal by merchants, but some casinos flout this rule and refuse bets in patacas. The Hong Kong dollar and
renminbiThe renminbi is the currency of the People's Republic of China , whose principal unit is the yuan , subdivided into 10 jiao , each of 10 fen . The renminbi is issued by the People's Bank of China, the monetary authority of the PRC. The ISO 4217 abbreviation is CNY, although it is also commonly...
are generally accepted throughout Macau from casinos to restaurants. Payments to government agency, however, must be in patacas.
As there are currently no restrictions on the import or export of either local or foreign currency into or from Macau, visitors can change their currency in
hotelA hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
s,
bankA bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money.Many other financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds...
s and authorized
exchangeThe foreign exchange market trades currencies. It lets banks and other institutions easily buy and sell currencies....
dealers located all around the city. There are also 24-hour exchange counters at
Macau International AirportMacau International Airport situated at the eastern end of Taipa island and neighbouring waters, is the only airport in Macau, which opened for commercial operations in November 1995...
(Taipa Island) and at the Lisboa Hotel (
Macau PeninsulaMacau Peninsula is the oldest and most populous part of the former Portuguese territory of Macau, now a special administrative region of the People's Republic of China. It has an area of 8.5 km² and is geographically connected to Zhuhai, Mainland China, at the northeast, through an isthmus...
) for customers if they want to change their currency into patacas outside working hours.
External links