Saturday, Apr 18, 2015Saturday, Apr 18, 2015

MAS records $15.84b profit, helped by FX valuation gains

Published on Jul 24, 2014 1:01 PM

SINGAPORE (Reuters) - Singapore's central bank posted a $15.84 billion net profit in its last financial year, helped by a drop in the local currency that led to valuation gains on its foreign currency holdings.

The Monetary Authority of Singapore (MAS), in its annual report issued on Thursday, also reiterated that the economy is projected to grow 2-4 per cent this year and kept its core inflation forecast unchanged at 2-3 per cent for 2014.

But MAS Managing Director Ravi Menon told a news conference that it had lowered its forecast range for headline consumer inflation to 1.5-2.0 per cent from the previous 1.5-2.5 percent.

The central bank's net profit for the last financial year ended in March marked a turn around from a $10.61 billion net loss incurred the previous year, when the Singapore dollar's rise diminished the value of its foreign currency holdings.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!