MESSAGE FROM THE CHAIRMAN OF THE BOARD

PART I REPORTS AND ACCOUNTS

• 1. FUNCTIONS OF THE MONETARY AUTHORITY OF MACAO
• 2. STATUTORY BODIES AND MANAGERIAL STAFF
• 2.1 Organisational structure, 2005
• 2.2 Department supervisors, 2005
• 3. ACTIVITIES
• 3.1 Exercise of functions
• 3.1.1 The regulation of the financial system
• 3.1.2 The local currency
• 3.1.3 Exchange reserves
• 3.1.4 Macao SAR Reserve Fund
• 3.1.5 Statistics compilation and economic research
• 3.1.6 Issuing of currency and commemorative coins
• 3.2 External promotion and cooperation
• 3.3 Internal organisation, staffing and training
• 3.3.1 Human resources
• 3.3.2 Training and conference
• 3.3.3 Internal and independent audit
• 4. FINANCIAL STATEMENTS
• 4.1 Balance sheet analysis
• 4.1.1 Assets
• 4.1.2 Liabilities
• 4.1.3 Development in capital reserves
• 4.2 Analysis of results
• 4.2.1 Operating results
• 4.2.2 Other incomes and costs
• 4.3 Proposal for the appropriation of revenues
• 5. STATEMENT OF THE AMCM AUDIT COMMITTEE FOR THE FINANCIAL YEAR 2005

PART II ECONOMIC AND FINANCIAL REVIEW

• 1. MACAO'S ECONOMIC PARTNERS
• 1.1 People's Republic of China
• 1.2 Hong Kong SAR
• 1.3 Chinese Taiwan
• 1.4 Portuguese-speaking countries
• 2. MACAO'S ECONOMY AND FINANCE
• 2.1 Macroeconomic trends
• 2.1.1 Overall performance
• 2.1.2 Domestic demand
• 2.1.3 Merchandise trade
• 2.1.4 Tourism and gaming
• 2.1.5 Prices
• 2.1.6 Employment
• 2.1.7 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 Overall developments
• 2.3.2 Money supply
• 2.3.3 Monetary assets
• 2.3.4 Interbank money market
• 2.3.5 Interest rates and exchange rates
• 3. MACAO'S FINANCIAL INSTITUTIONS
• 3.1 Banks
• 3.2 Insurance companies

PART III SUMMARY OF ECONOMIC AND FINANCIAL LEGISLATION GAZETTED IN 2005

PART IV STATISTICAL APPENDIX

INDEX OF TABLES AND CHARTS