The Monetary Authority of Singapore (MAS) will transfer $45 billion from the official foreign reserves to sovereign wealth fund GIC this month for longer-term investment.

The transfer is "the excess over what MAS deems necessary to maintain confidence in Singapore's exchange-rate-centred monetary policy", MAS said yesterday. From July next year, it will also disclose information about its foreign exchange intervention operations on a six-monthly basis. Singapore held more than $404 billion in its official foreign reserves as of last month.

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