Singapore central bank posts net profit gains in last financial year

23:57, July 29, 2010      

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The Monetary Authority of Singapore (MAS) said it posted a net profit of 10.12 billion Singapore dollars (about 7.4 billion U.S. dollars) during the financial year ending March 31.

MAS Managing Director Heng Swee Keat presented the sterling results at the MAS annual report press conference on Thursday.

He said that the increase could be attributed to the stronger Singapore dollar, interest and dividend income, as well as gains in the valuation of assets.

On the economy, he said that the strong pace of growth seen in the first half of this year is not expected to be sustained. Growth is likely to have peaked at the middle of this year, and will moderate to a more sustainable rate.

For the year as a whole, Consumer Price Index inflation is projected to average between 2.5 percent and 3.5 percent.

He also said that considerable risks remain in the global economy, and that the central bank will continue to focus on three areas: first, sustaining macroeconomic stability in the post- crisis period; second, strengthening the financial system; and third, maintaining the growth of Singapore's financial services sector.

To help banks' management of liquidity, he also announced initiatives to ensure this.

MAS will issue MAS bills in the second quarter of next year, with the Bills phased in gradually, with up to 20 billion Singapore dollars (14.6 billion U.S. dollars) initially,

It will also continue to enhance the Standing Facility, which is the key liquidity facility for banks.

With immediate effect, MAS will extend the list of issuers of Singaporean dollar debt securities to AAA-rated and zero risk- weighted public sector entities.

Source: Xinhua


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