MAS to transfer $45b to GIC for investment

The Monetary Authority of Singapore (MAS) building in Shenton Way, on March 29, 2017.
The Monetary Authority of Singapore (MAS) building in Shenton Way, on March 29, 2017. PHOTO: ST FILE

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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A version of this article appeared in the print edition of The Straits Times on May 09, 2019, with the headline 'MAS to transfer $45b to GIC for investment'. Print Edition | Subscribe