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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

Mr Tharman said Singapore's "developmental incentives" have no longer been based on the domestic versus offshore distinction.


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