This is due to the lag in accounting rules because, for instance, the fiscal surpluses recorded in 2018 and 2019 were only transferred to the fiscal reserve in 2020 and 2021respectively. Another reason is the investment profits of the reserve, which in the past three years totalled about MOP76 billion, including MOP30.2 billion in 2019 (a yield rate of 5.6 per cent), MOP31.1 billion in 2020 (5.3 per cent), and MOP14.7 billion in 2021 (2.3 per cent).