It was formerly known as the "Monetary and Foreign Exchange Authority of Macao" (Portuguese: Autoridade Monetaria e Cambial de Macau, abbr. as AMCM), which was created on July 1, 1989.
According to decree-law no. 14/96/M of 11 March, the Monetary Authority of Macao carries the following major statutory duties:
To advise and assist the Chief Executive in formulating and applying monetary, financial, exchange rate and insurance policies;
To guide, co-ordinate and oversee the monetary, financial, foreign exchange and insurance markets, ensure their smooth operation and supervise the actions of those operating within them according to the terms established in the regulatory statutes governing each respective area;
To monitor internal monetary stability and the external solvency of the local currency, ensuring its full convertibility;
To exercise the functions of a central monetary depository and manage the territory's currency reserves and other foreign assets;