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The Monetary Authority of Singapore (MAS) recently released findings indicating that foreign reserves of the Republic held by the MAS rose to $291.7 billion in January, up from $289.5 billion in December.
According to the MAS, the rise in foreign reserves was largely attributed to the appreciation of several non-US dollar foreign currency assets. In particular, the US dollar slightly declined against other foreign currencies, including the Chinese Yuan, Euro, British Pound and Japanese Yen.
The rise in foreign reserves is a positive sign for Singapore’s economy as it suggests a healthy level of inflows from foreign investments and capital gains. The MAS highlighted that the increase in foreign reserves provides a buffer for the country against external volatility, and helps to ensure the Republic’s financial and banking stability.
The MAS also noted that the total MAS and net assets of the Monetary Authority of Singapore Investment Corporation (MASIC) rose to a record high of $454.1 billion in January, up 0.9 percent from the previous month.
In conclusion, the rise in foreign reserves is a sign of strength and financial stability, which enables Singapore to better navigate the uncertainties of the global economic landscape. The government has reiterated its commitment to maintain external economic and financial stability, as well as a competitive exchange rate system, and these latest figures are a testament to that.
