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MAS posts higher investment gains of S$10.6b in FY2013-14

The Monetary Authority of Singapore (MAS) posted slightly higher investment gains in its last financial year ended March, as it turned around to report a huge S$15.8 billion profit for the 12 months ended March this year.

SINGAPORE: The Monetary Authority of Singapore (MAS) posted slightly higher investment gains in its last financial year ended March, as it turned around to report a huge S$15.8 billion profit for the 12 months ended March this year.

MAS said it managed underlying investment gains of S$10.6 billion in financial year 2013-14, up from S$9.4 billion in the previous financial year. Its overall profit for the year was much higher, however, because the Singapore dollar weakened against major currencies such as the US dollar and euro.

MAS had reported a loss of S$10.6 billion in financial year 2012-13 due to the local dollar's gains against the US dollar, euro, pound and Japanese yen. Ravi Menon, MAS's managing director, said it is better to look at MAS's underlying investment gains by holding the Singapore dollar exchange rate constant to strip out currency translation effects.

He also said MAS's investment gains have been relatively stable, reflecting its conservative investment strategy which balances the need to hold sufficient liquidity with the aim of preserving the international purchasing power of the country's foreign reserves.  

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