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TABLE OF CONTENTS

MESSAGE FROM THE CHAIRMAN

PART I REPORTS AND ACCOUNTS

• 1. FUNCTIONS OF THE MONETARY AUTHORITY OF MACAO
• 2. STATUTORY BODIES AND MANAGERIAL STAFF
• 2.1 Organisational structure, 2019
• 2.2 Department heads, 2019
• 3. ACTIVITIES
• 3.1 Exercise of functions
• 3.1.1 The regulation of the financial system
• 3.1.2 The local currency and money market operations
• 3.1.3 Exchange reserves
• 3.1.4 Fiscal Reserve
• 3.1.5 Financial development
• 3.1.6 Statistics compilation and economic research
• 3.1.7 Issuing of notes and commemorative coins
• 3.2 External communication and cooperation
• 3.3 Internal organisation and management
• 3.3.1 Human resources
• 3.3.2 Training and conferences
• 3.3.3 Internal and independent audit
• 4. FINANCIAL STATEMENTS
• 4.1 Balance sheet analysis
• 4.2 Development in assets
• 4.2.1 Deposits and current accounts
• 4.2.2 Debt securities
• 4.2.3 Externally mandated portfolio
• 4.2.4 Investment of designated fund
• 4.2.5 Other assets
• 4.3 Development in liabilities
• 4.3.1 Deposits and current accounts
• 4.3.2 Certificates of Indebtedness
• 4.3.3 Money market instruments
• 4.3.4 Designated liabilities
• 4.3.5 Other liabilities
• 4.4 Development in capital reserves
• 4.4.1 Capital endowment
• 4.4.2 General reserve
• 4.5 Income statement analysis
• 4.5.1 Deposit interests
• 4.5.2 Investment in debt securities
• 4.5.3 Foreign exchange
• 4.5.4 Externally mandated portfolio
• 4.5.5 Other incomes
• 4.5.6 Administrative expenses
• 4.5.7 Appropriation for the staff retirement plan
• 4.5.8 Other expenses
• 4.6 Proposal for the appropriation of revenues
• 5. STATEMENT OF THE AMCM AUDIT COMMITTEE FOR THE FINANCIAL YEAR 2019

PART II ECONOMIC AND FINANCIAL REVIEW

• 1. GLOBAL ECONOMIC ENVIRONMENT
• 2. MACAO'S ECONOMY AND FINANCE
• 2.1 Macroeconomic trends
• 2.1.1 Aggregate performance
• 2.1.2 External demand
• 2.1.3 Domestic demand
• 2.1.4 Prices
• 2.1.5 Employment
• 2.1.6 Property market
• 2.2 Public finance
• 2.2.1 General trends
• 2.2.2 Public revenue
• 2.2.3 Public expenditure
• 2.2.4 Public sector debt and deposits
• 2.3 Monetary and foreign exchange developments
• 2.3.1 Money supply
• 2.3.2 Monetary assets
• 2.3.3 Interbank money market
• 2.3.4 Interest rates and exchange rates
• 2.4 Building of platforms between China and Portuguese-speaking Countries
• 3. MACAO'S FINANCIAL INSTITUTIONS
• 3.1 Banks
• 3.2 Insurance companies
• 3.3 Other authorised financial institutions

PART III STATISTICAL APPENDIX

INDEX OF TABLES AND CHARTS

ABBREVIATIONS