Impact of Greece 'No' vote negligible, Monetary Authority of Singapore says

The Singapore economy and banking system's exposure to Greece is "negligible", said the Monetary Authority of Singapore (MAS) on Monday.
The Singapore economy and banking system's exposure to Greece is "negligible", said the Monetary Authority of Singapore (MAS) on Monday.PHOTO: ST FILE

SINGAPORE - The Singapore economy and banking system's exposure to Greece is "negligible", said the Monetary Authority of Singapore (MAS) on Monday.

"Singapore's domestic money and foreign exchange markets continue to function in an orderly fashion," MAS said in a statement.

It added that: "The direct exposure of our economy and banking system to Greece is negligible, accounting for just under 0.2 per cent of total trade and 0.1 per cent of total banking system assets."

There is "some uncertainty" regarding the broader impact of developments in Greece, MAS said.

The monetary authority is thus closely monitoring developments in the euro zone economy and global financial markets, and their potential impact on domestic markets and the economy, it said.

Greece held a referendum on Sunday where the result was a decisive "no" to the bailout conditions demanded by the country's creditors.