Singapore MAS Chairman Lawrence Wong on MAS Access to Reserves Managed by GIC: Official Foreign Reserves Required to Ensure Confidence in Singapore Do
Deputy Prime Minister, Minister of Finance, Deputy Chairman of the MAS Board Lawrence Wong Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Singapore MAS Chairman Lawrence Wong on MAS Access to Reserves Managed by GIC: Official Foreign Reserves Required to Ensure Confidence in Singapore Dollar in Severe Crisis is Between 65% to 75% of GDP, Current Reserves at S$455.5 Billion Representing 70% of GDP, Additional S$237.6 Billion Available from Reserves Management Government Securities Representing 52% of Reserves 21st September 2023 | Hong Kong
Singapore central bank Monetary Authority of Singapore (MAS) Lawrence Wong (Chairman, Singapore Deputy Prime Minister, Minister for Finance) reply on Singapore MAS access to Official Foreign Reserves (OFR) managed by GIC (Singapore sovereign wealth fund) – Official Foreign Reserves (OFR) required to ensure confidence in Singapore dollar (SGD) in severe crisis is assessed to be between 65% to 75% of GDP, current reserves (OFR) at S$455.5 billion representing 70% of GDP, additional S$237.6 billion available from Reserves Management Government Securities (RMGS) representing 52% of reserves. Singapore MAS Chairman Lawrence Wong: “MAS holds Official Foreign Reserves (OFR) for the conduct of monetary policy. It has assessed that the amount of OFR needed to ensure confidence in the Singapore dollar in the event of a severe crisis in the global economy and financial markets is between 65% to 75% of GDP. MAS’ OFR has been sufficient to manage any impact on the Singapore dollar arising from past crises. These include the Asian Financial Crisis, Dot-com crash, SARS, the Global Financial Crisis, the Eurozone sovereign debt crisis, and the COVID pandemic. Separately, the foreign reserves MAS accumulates in excess of its needs have been transferred to the Government for investment by GIC for higher returns. In return, the Government issues Reserves Management Government Securities (RMGS) to MAS. MAS’ current OFR stands at S$455.5 billion and 70% of GDP, well within the optimal range. Nonetheless, in unlikely tail-risk scenarios where MAS’ OFR buffer might prove insufficient, MAS will be able to redeem its RMGS holdings from the Government in exchange for OFR. Today, MAS’ RMGS holdings amount to S$237.6 billion, or 52% of current OFR. If MAS redeems this, it would bring the level of OFR up to 106% of GDP.” More info below:
“ Singapore MAS Chairman Lawrence Wong on MAS Access to Reserves Managed by GIC: Official Foreign Reserves Required to Ensure Confidence in Singapore Dollar in Severe Crisis is Between 65% to 75% of GDP, Current Reserves at S$455.5 Billion Representing 70% of GDP, Additional S$237.6 Billion Available from Reserves Management Government Securities Representing 52% of Reserves “
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Singapore MAS Chairman Lawrence Wong on MAS Access to Reserves Managed by GIC
Deputy Prime Minister, Minister of Finance, Deputy Chairman of the MAS Board Lawrence Wong 18 September 2023 Name and Constituency of Member of Parliament Mr Gerald Giam Yean Song, MP, Aljunied GRC Question: To ask the Prime Minister aside from redeeming the Reserves Management Government Securities, what are the other mechanisms in place for the MAS to quickly avail itself of the reserves managed by GIC. Answer by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Chairman of MAS: 1. MAS holds Official Foreign Reserves (OFR) for the conduct of monetary policy. It has assessed that the amount of OFR needed to ensure confidence in the Singapore dollar in the event of a severe crisis in the global economy and financial markets is between 65% to 75% of GDP. 2. MAS’ OFR has been sufficient to manage any impact on the Singapore dollar arising from past crises. These include the Asian Financial Crisis, Dot-com crash, SARS, the Global Financial Crisis, the Eurozone sovereign debt crisis, and the COVID pandemic. Separately, the foreign reserves MAS accumulates in excess of its needs have been transferred to the Government for investment by GIC for higher returns. In return, the Government issues Reserves Management Government Securities (RMGS) to MAS. 3. MAS’ current OFR stands at S$455.5 billion and 70% of GDP, well within the optimal range. Nonetheless, in unlikely tail-risk scenarios where MAS’ OFR buffer might prove insufficient, MAS will be able to redeem its RMGS holdings from the Government in exchange for OFR. Today, MAS’ RMGS holdings amount to S$237.6 billion, or 52% of current OFR. If MAS redeems this, it would bring the level of OFR up to 106% of GDP. 4. Should a crisis of unprecedented scale emerge that causes MAS’ OFR requirements to exceed what RMGS redemptions can provide, MAS can approach the Government for further support. The Government, as owner of the assets that GIC manages, will then decide how best to meet MAS’ need for additional OFR in a timely manner. Managing $20 million to $3 billion. Investing $3 million to $300 million. For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm. Join Events & Find Services Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services. Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected] Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quick Links Caproasia Access | Events | Summits | Register Events | The Financial Centre The 2023 Investment Day | 2023 Family Office Summits | Family Office Circle 2021 Data Release 2020 List of Private Banks in Hong Kong2020 List of Private Banks in Singapore 2020 Top 10 Largest Family Office2020 Top 10 Largest Multi-Family Offices2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM For Investors | Professionals | Executives Latest data, reports, insights, news, events & programs Everyday at 2 pm Direct to your inbox Save 2 to 8 hours per week. Organised for success Register Below For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors Get Ahead in 60 Seconds. Join 10,000 + Save 2 to 8 hours weekly. Organised for Success. Sign Up / Register You are:
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