SINGAPORE'S central bank said on Thursday that US dollar market pressures in the city-state appear to have eased, after co-ordinated action from central banks to stem the risk of a wider financial meltdown.

The Monetary Authority of Singapore (MAS) said US dollar borrowing rates had been elevated given conditions in global money markets, though Singapore dollar interest rates have been 'orderly", with sufficient liquidity maintained in the banking system.

'MAS has been in close contact with other major central banks and stands ready to inject additional liquidity as the situation may warrant,' said the central bank in a statement. -- REUTERS