MAS transfers S$75b of official foreign reserves to government

Singapore

THE Monetary Authority of Singapore (MAS) said it has transferred excess official foreign reserves (OFR) of S$75 billion to the government through a subscription of Reserves Management Government Securities (RMGS).

RMGS is a new type of non-marketable security issued by the government solely to facilitate MAS' transfers of excess OFR to the government, for longer-term investment by GIC. The MAS Act 1970 was amended in February to allow MAS to subscribe to RMGS.