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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

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

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...

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