SINGAPORE: The Monetary Authority of Singapore (MAS) recorded its largest net loss of S$30.8 billion (US$22.8 billion) in the financial year that ended Mar 31, widening significantly from a S$7.4 billion loss in the year before that.
This was largely because of the central bank’s aggressive monetary policy tightening to bring down inflation, which paved the way for a “broad appreciation” of the Singapore dollar against other currencies – such as the US dollar, euro and yen – that the official foreign reserves were held in.
As MAS’ financial results are reported in the Sing dollar, it saw “significant” negative currency translation effects of about S$21.4 billion, or 70 per cent of the annual net loss, MAS managing director Ravi Menon said on Wednesday (Jul 5).
MAS also incurred higher interest expenses of S$9 billion as part of mopping up excess liquidity in the banking system, he added at the release of the central bank’s annual report and sustainability report. CNA
'Mr Menon said the large annual loss is “not a cause for concern”,' This is understandable as Singapore has a lot of money. What is $30b + $7.4b? The President also would not say anything. If MAS could lose $30b just because of higher interest rates and exchange rates, can't imagine how much would the Fed lose proportionally.
How big is $37.4b? China's AIIB started with only $50b. $37.4b not enough to start another AIIB. But overall, in Singapore's context, no big deal. No one is having sleepless night. No one will have to answer for it. Singapore does not believe in blame game. Singapore had gone passed the time of Goh Keng Swee and LKY. Relac. It is just one of those things in managing big multi billion dollar fund. So no need to ask any question in Parliament.
Only important issues like making Ah Sohs and Uncles pay 5c for a plastic bag in supermarket to protect the environment deserved to be discussed in Parliament. Supermarkets now have another product to sell and another source of revenue.
It kind of strange that all those financial guru did not come out to question this huge losses
ReplyDeleteIt kind of strange that all those environment protectionist did not kpkb when jap is dumping nuclear waste into the ocean, but applaud the charging of plastic bag
It kind of strange that when speaker of parLeement use the F word..every MP is ok with it
Uniquely singapore
S. Iswaran under CPIB investigation. Asked by Lee to take leave of absence. Something big is going on.
ReplyDelete
ReplyDelete30 Billion $Sgd is 'sub sub sui' to Sin. Sin has
plenty more to gamble with.
Agreeable??
ReplyDelete'
Sub sub sui' means
Peanut as said by Ex-PM Goh Chok Tongs'
Wife??
ReplyDeleteSingapore decadence started from the year Goh Chok Tong became Prime Minister of Singapore. He started paying himself and his colleague ministers sky high salaries. His wife claimed that the Indian CEO of the Kidney Foundation who paid himself $600,000.00 in salary as only peanuts. How many million peanuts have Singapore taxpayers been paying to all the all selfentitled politicians for the last many decades. Its really disgusting and outraging.
All got into problems, TT Duria, Iswaran, and others VVIP. Maybe not paid enough, last times they have to fight against millionaires but now against billionaires. A medium Standard Freehold bungalow could be easily cist approximately 10 millions dollars. PAP leadership may not be doing enough to prevent corruption. You get peanuts powder you get monkey.
ReplyDelete
ReplyDeleteThe inbecile Singapore ministers do not worry about the colossal losses because there is endless perennial source of funds by the billions they can tap from CPF, GST, ERPs, COEs and other taxes. Singsaporeans are fated to suffer and die for being conned to trust the PAP too much.
Ownselves checked ownselves that's the crux of the problems.
ReplyDeleteWong what's Chye can come out and said no speculations pls.
This may be just the tip of the iceberg of many to come.
Any Oppo questionings also met with Fxxx language.
Getting too arrogance that no one dared to even question them.
Any damn conservatial happening be clamped down and silence with all their full force of their own to preserve their status quo of their protected species.
Aiyo what's is just Transport Minister sapuloh dua?
ReplyDeleteChicken feeds lah!
Maybe just cable plastic clips instead of metal ones lah.
Just like the Old CEO Cleopatra Saw.
Defence Minister! Wow more lucrative lah!
See so many DEFENCE Ministers of most countries.
Ordered warships and subs only comes paper and cardboard ones.
Some even no shadows.
Defence spendings all Top Secrets cannot disclosed.
That's the Best.
That's why they all loved Wars!
Would F1 still be around? F1 is his pet project.
ReplyDeleteMoney alot also no use if briber offer SEX.
ReplyDelete