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Transfer of excess reserves to GIC: It's not about tax cuts, but maximising returns

At S$404 billion, Singapore's official reserves under the MAS is the world's third highest as a percentage of GDP and on a per capita basis.

EVERYONE loves a tax hike delay, even more so an outright tax cut.

So it was not a surprise that when the Monetary of Singapore (MAS) announced it was transferring S$45 billion from its reserves to GIC for the latter to manage, a couple of economists - presumably income-earning taxpayers...

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