In its statement, MAS adds that the banking system in Singapore remains “sound and resilient” amid the heightened volatility in the global financial markets after the closure of both banks. The Singapore dollar (SGD) money market and foreign exchange (forex) markets are also continuing to “function well,” says the central bank.
The Singapore banking system has “insignificant exposures” to the failed US banks, Silicon Valley Bank (SVB) and Signature Bank, says the Monetary Authority of Singapore (MAS) on March 13.
SVB was closed by Californian regulators on March 10 while Signature Bank was closed by New York regulators on March 12.
