Singapore's foreign reserves rise to $357.8b

Singapore's total foreign reserves went up from $353.2 billion in August to $357.8 billion last month, according to statistics released yesterday by the Monetary Authority of Singapore (MAS).

The increase was a result of a rise across all three components of the reserves - gold and foreign exchange reserves, Singapore's reserve position in the International Monetary Fund, and supplementary foreign exchange reserve assets known as special drawing rights.

The reserves have been on a steady month-on-month upward trend since April this year.

Total foreign reserves in September were 5.4 per cent higher compared with the same month a year ago.

The MAS, as the central bank of Singapore, manages country's official foreign reserves.

They make up more than 90 per cent of the assets on MAS' balance sheet, and are invested in a diversified portfolio comprising cash, bonds and equities.

This is to ensure the MAS has sufficient liquidity to conduct monetary policy, while also preserving the international purchasing power of the reserves.

This article was first published on Oct 8, 2015.
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