Contract between the Portuguese Oversees Bank and the Macau colonial government on the issuing privilege; effective 01.01.1906 (?): - The bank had opened a branch in Macau already in August 1902.
27.01.1906
Start of issuance of paper money denominated in Pataca by the Overseas Bank: - Nominal rating of the Portuguese currency: 1 Macau Pataca = 5 Portuguese Milreis.
11.05.1911
Nominal rating of the Portuguese currency: 1 Macau Pataca = 5.60 Portuguese Escudos
12.01.1980
Law [No. 1] on the establishment of the "Macau Currency Institute" as financial market supervisory instance; effective upon constitution of the institute on 01.01.1980 (retroactive)
12.06.1989
Law [No. 39] on the transformation of the currency institute into the "Macau Monetary and Foreign Exchange Authority"; effective upon constitution of the authority on 01.07.1989: - 15.02.2000: Ordinance [No. 18] on the name change into "Macau Monetary Authority"; effective 01.04.2000.
26.01.1995
Currency law [No. 7], formalizes the monetary unit Pataca; effective 30.01.1995
25.09.1995
Government resolution on the issuing privileges for paper money; effective 13.10.1995: - Privilege of the Overseas Bank was extended - The Bank of China (Macau), founded 21.06.1950, obtained the second issuing privilege.
Valuation Regimes
1906-1935
Fixed rate against Hong Kong Dollar
1935-1976
Fixed rate against Portuguese Escudo (after the Hong Kong's switch to the gold standard), the Pataca always remained close to parity with the Hong Kong Dollar (followed the revaluations of 18.09.1949 and 22.11.1967)
1976-1983
Variable rate, did not follow the Portuguese devaluation on 17.05.1976 and maintained close to fixed rate against Hong Kong Dollar
1983-
Fixed rate against Hong Kong Dollar (which in turn adopted a fixed rate against US Dollar on 17.10.1983)
Rate Arrangements
27.01.1906
Fixed
Hong Kong Dollar at 1 : 1
-
07.12.1935
Fixed
Portuguese Escudo at 5.50 : 1
±0.0%
19.09.1949
Fixed
Portuguese Escudo at 5 : 1
-9.1%
27.11.1967
Fixed
Portuguese Escudo at 4.75 : 1
-5.0%
22.12.1971
Fixed
Portuguese Escudo at 4.888 : 1 (US Dollar at 1 : 5.575)
+3.8%
06.07.1972
Fixed
Portuguese Escudo at 4.867 : 1 (US Dollar at 1 : 5.65)
-1.3%
14.02.1973
Fixed
Portuguese Escudo at 5.015 : 1 (US Dollar at 1 : 5.085)
+3.0%
26.03.1973
Fixed
Portuguese Escudo at 5.015 : 1
±0.0%
17.05.1976
Variable
initially: Hong Kong Dollar at 1 : 1.06
±0.0%
11.05.1983
Fixed
Hong Kong Dollar at 1 : 1.03
-
17.10.1983
Fixed
Hong Kong Dollar at 1 : 1.03 (US Dollar at 1 : 8.034)