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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
Add BT as a preferred sourcePublished Tue, Jun 30, 2015 · 09:50 PM
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).
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