MAS to cut distinction between int'l, domestic banking ops
Tharman says the domestic banking unit-Asian currency unit divide has been losing its relevance over the years
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
THE Monetary Authority of Singapore (MAS) plans to remove a longstanding division between two accounting units for assets and liabilities held by banks here: one for those held mainly in Singapore dollars, and the other for foreign currencies. This would effectively remove a key distinction between domestic and international banking operations.
Tharman Shanmugaratnam, Deputy Prime Minister and Minister for Finance, announced this on Tuesday at the 42nd annual dinner of the Association of Banks in Singapore (ABS).
Copyright SPH Media. All rights reserved.
TRENDING NOW
Singaporeans can now buy record amount of yen per Singdollar
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
