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Singapore Regulator Posted A Net Loss Of $7.4 Billion!

Singapore MAS reports 7.4 billion loss
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The Monetary Authority of Singapore (MAS) announced a net loss of $7.4 billion for the financial year ended March 31, 2022. It was the first loss in nine years due to lower investment gains, a large negative foreign exchange translation effect, and higher interest expenses. As a result of the loss, MAS did not contribute to Singapore’s consolidated fund, out of which government expenditure is made, for the financial year. It contributed $1.07 billion in fiscal 2021 and $2.17 billion in 2020.

MAS also said that as of the end-March, Singapore’s official foreign reserves recorded a net loss of $4.7 billion as investment gains of $4 billion was more than offset by the strengthening of the Singapore dollar, which led to a negative foreign exchange translation effect of $8.7 billion, MAS Managing Director Ravi Menon pointed out in the press conference. MAS noted that the Singdollar strengthened 4% against the British pound, 5% against the euro, and 9% against the Japanese yen.

Singapore’s import prices have surged 27% in May this year, compared to last year’s period. About 80% of this was contributed by higher oil and food prices. CPI-All Items inflation, including private transport and accommodation costs, rose to 5.6% in May. 2022.

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