MAS to release data on its forex intervention, transfers S$45b in reserves to GIC

The Monetary Authority of Singapore has decided to release further information on its monetary operations without compromising its effectiveness, it said on Wednesday, as it also announced the transfer of S$45 billion from the official foreign reserves to GIC for longer term investment.

The Singapore central bank said it will disclose date on its foreign exchange intervention operations, which comprise MAS’ net purchases of forex on a six-month aggregated basis, with a six-month lag from the end of the period. Thus, the data would be released on a six-monthly basis and will begin with data for the second half of 2019. This works out to the first release date coming in July 2020.

This data is integral to MAS’ management of the Singapore dollar nominal effective exchange rate , according to MAS. It added that its forex intervention operations will remain focused on keeping the S$NEER within its policy band to “keep inflation low over the medium term”.

MAS said the amount is the “excess” over what it deems necessary to maintain confidence in Singapore’s exchange rate-centred monetary policy and does not imply any reduction in Singapore’s total foreign reserves, which stood at S$404 billion as at April 2019.

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