In an unusual public announcement, the Monetary Authority of Singapore says it is transferring $45 billion from its so-called “official foreign reserves” to be managed by sovereign wealth fund GIC. The central bank explains that the amount represents an excess in reserves beyond what is deemed necessary to maintain confidence in Singapore’s exchange rate policy. OFR managed by MAS as at April 2019 stood at $404 billion, equivalent to 82% of Singapore’s GDP.
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MAS shifts $45 billion of reserves to GIC in unusual, publicised move
