MAS posts sharply lower profit due to currency effects

Singapore

THE Monetary Authority of Singapore (MAS) posted a sharply lower net profit of S$281 million for the year ended March 31, 2015, due to currency effects.

The negative translation effect arose as the Singapore dollar strengthened against the euro and yen by 17.6 per cent and 6.7 per cent respectively, which more than offset translation gains as the Sing dollar weakened by 8.3 per cent against the US dollar, MAS said in its annual report 2014/15 released on Tuesday.