MAS transfers S$75b of official foreign reserves to government
This has been done via new RMGS mechanism; central bank expects further transfers over course of the year
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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.
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