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23-07-2013, 02:30 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
Strong Singapore dollar sends MAS into overall loss for year ended March
By Yasmine Yahya
The Monetary Authority of Singapore (MAS) recorded an overall loss of $10.6 billion for the year ended March 2013, after taking into account the translation effects from an stronger Singapore dollar.
"We made good investment returns but when measured in Singapore dollars, these gains were more than offset by the strength of the currency," said MAS managing director Ravi Menon at the release of the central bank's annual report on Tuesday.
The central bank made investment gains of $8.9 billion for the year, down from $12 billion the year before, due mainly to lower interest income as interest rates declined.
Meanwhile, Mr Menon said the Singapore economy will "comfortably meet" the central bank's forecast of a 1 to 3 per cent expansion this year on the back of a gradual recovery in the external environment.
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?157755-MAS-lost-10-billion&goto=newpost).
Strong Singapore dollar sends MAS into overall loss for year ended March
By Yasmine Yahya
The Monetary Authority of Singapore (MAS) recorded an overall loss of $10.6 billion for the year ended March 2013, after taking into account the translation effects from an stronger Singapore dollar.
"We made good investment returns but when measured in Singapore dollars, these gains were more than offset by the strength of the currency," said MAS managing director Ravi Menon at the release of the central bank's annual report on Tuesday.
The central bank made investment gains of $8.9 billion for the year, down from $12 billion the year before, due mainly to lower interest income as interest rates declined.
Meanwhile, Mr Menon said the Singapore economy will "comfortably meet" the central bank's forecast of a 1 to 3 per cent expansion this year on the back of a gradual recovery in the external environment.
Click here to view the whole thread at www.sammyboy.com (http://www.singsupplies.com/showthread.php?157755-MAS-lost-10-billion&goto=newpost).