Why we can’t try to fully offset the impact of global rise in prices with a strong Singapore dollar
Let’s understand why we cannot try to fully offset inflation with a strong Singapore dollar. The rise in prices that the world and Singapore is facing is the result of demand and supply factors and a tight labour market. 1. Demand factor The ease of pandemic curbs has released pent-up demand due to the curbs. […]
The genesis of GIC is part of the larger narrative of how Singapore manages its reserves to benefit Singaporeans
The creation of GIC 40 years ago in 1981 was a far-sighted, original and bold move. At that time, sovereign wealth funds did not exist. GIC was the brainchild of Dr Goh Keng Swee who was at that time Deputy Prime Minister and Chairman of the Monetary Authority of Singapore. Central banks seek macroeconomic and […]
Singapore’s financial system has weathered COVID-19 well thus far: MAS Ravi Menon
In his remarks at the MAS Annual Report 2020/2021 Virtual Media Conference on 30 June 2021, Mr Ravi Menon, Managing Director of MAS said that the Singapore financial system has weathered COVID-19 well thus far. “Banks entered the crisis from a position of strength and have been a source of stability and support for individuals […]
Jamus ignores the sufferings of people hurt by currency speculation
Currency speculation, in particular, the speculation of the Singapore dollar, can take place with or without knowing the full size of our reserves. When Jamus called for the revelation of the full size of the Singapore reserves, what he is really asking for is a more ‘efficient’ speculative attack on the Singapore dollar. WP Jamus […]
This is about lives, not theoretical musings: DPM Heng to Jamus Lim
“Let us not play with fire. This is about the lives of our people, not theoretical musings,” DPM Heng Swee Keat said to WP Jamus Lim in Parliament, 26 February 2021. Mr Heng reiterated that it is not in our national interest to disclose the size of the reserves. Revealing the size of the reserves […]
As much as 20% of Singapore’s economy faces “deep scarring” from the pandemic from which they may not recover: Menon
As much as 20% of Singapore’s economy faces “deep scarring” from the coronavirus pandemic from which they may not recover, says MAS’ Menon at a virtual event hosted by the Institute of International Finance on Monday (12 Oct). “A big chunk of the rest may not go back to underlying potential pre-crisis for quite some […]
Triple-A rated Temasek to issue 10, 30.5 and 50-year US dollar bonds
Temasek investments are financed using dividends and other cash distributions it receives from its portfolio companies and other investments, divestment proceeds from sale of its investments, and borrowings and debt financing sources such as the Temasek Bonds and Euro-commercial Paper Programme. No, it is not funded by CPF.
70% Singaporeans in senior management roles in retail banks’ local functions
MAS established a $125 million package earlier this year to encourage financial institutions (FIs) to retain, train and hire Singaporeans. A strong Singaporean core complemented by high-quality and diverse foreign talent in every major FI. We’re not quite there yet but the picture across the sector as a whole is better than often portrayed especially on social media. Singaporeans make up 70% of the workforce in the finance sector. PRs make up another 14% according to MAS estimates.