Hoon Hian Teck on Monetary Authority of Singapore (Amendment) Bill
In Parliament on Tuesday (Jan 11), NMP Hoon Hian Teck elaborated on the factors that have led to the Monetary Authority of Singapore (MAS) steadily accumulating Official Foreign Reserves (OFR), and how safeguards in the Monetary Authority of Singapore (Amendment) Bill will ensure that the new Reserves Management Government Securities (RMGS) cannot be used for Government spending. Prof Hoon said that as Singapore continues to exercise fiscal prudence, MAS will be free to focus on its role of maintaining medium-term price stability without facing the pressure of monetary financing.
In Parliament on Tuesday (Jan 11), NMP Hoon Hian Teck elaborated on the factors that have led to the Monetary Authority of Singapore (MAS) steadily accumulating Official Foreign Reserves (OFR), and how safeguards in the Monetary Authority of Singapore (Amendment) Bill will ensure that the new Reserves Management Government Securities (RMGS) cannot be used for Government spending. Prof Hoon said that as Singapore continues to exercise fiscal prudence, MAS will be free to focus on its role of maintaining medium-term price stability without facing the pressure of monetary financing.
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