100 Patacas Banco Nacional Ultramarino

The Banco Nacional Ultramarino — a Lisbon-based institution founded in 1864 — retains its role as Macau's note-issuing authority alongside the Bank of China (Macau), an arrangement that has persisted through the 1999 handover and continues under the "one country, two systems" framework. By 2020, the BNU held roughly one-third of Macau's circulation, with the Bank of China covering the balance. Neither institution operates as a central bank in the conventional sense; the Monetary Authority of Macao manages reserves and exchange-rate policy while the two commercial banks issue the physical currency.