The Monetary Authority of Macau says Banco Nacional Ultramarino SA will remain until October 2030 one of the only two banks allowed to issue pataca banknotes.

The authority announced in writing that it had given new 10-year contracts for issuing notes to BNU and the Macao branch of Bank of China Ltd (BOC).

The contracts allow each bank to issue the same amount of notes as the other, calculated by aggregate face value, the authority says.

Macao Secretary for the Economy and Finance Lei Wai Nong, BOC Macau Branch Governor Li Guang and BNU Vice-chairman Carlos Cid Álvares signed the contracts, the Monetary Authority of Macau announcement says.

BNU is owned by Caixa Geral de Depósitos, a Portuguese state-owned bank. Chinese state-owned BOC has branches in Portugal, Brazil and Angola.