MAS can subscribe for govt securities to facilitate transfers of official foreign reserves

The Singapore central bank will have a new option to transfer excess official reserves (OFR) to the government for further investment and bigger returns. Under a bill passed in Parliament on Jan 11, the Monetary Authority of Singapore can now subscribe to a newly created Reserves Management Government Securities (RMGS). Finance Minister Lawrence Wong stressed that there are safeguards that prevent these funds from paying government spending or fiscal deficits.

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