Brexit: MAS says Singapore banking system remains sound

The logo of the Monetary Authority of Singapore (MAS) on April 14, 2016.
The logo of the Monetary Authority of Singapore (MAS) on April 14, 2016.PHOTO: AFP

SINGAPORE - The Monetary Authority of Singapore (MAS) said that Singapore's interbank money markets continue to function in an orderly manner and its banking system remains sound, following news of Britain's exit from the European Union.

The liquidity positions of the major banks in Singapore are healthy, and overall banking system liquidity remains adequate, MAS said. It said it will provide additional liquidity to the banking system if needed.

The trade-weighted Singapore dollar remains within its policy band, notwithstanding heightened volatility in international foreign exchange markets today. MAS stands ready to curb excessive volatility in the Singapore Dollar.

"We have been prepared for the market volatility. MAS had been in close contact over the past weeks with banks in Singapore, foreign central banks and regulators to take preparatory actions to ensure the resilience of our financial system and markets in the event of Brexit," a MAS spokesman said.

MAS will continue to be vigilant and stay in close contact with fellow central banks and regulators, as uncertainty is likely to persist following the referendum outcome, MAS added.