Leong Mun Wai on Monetary Authority of Singapore (Amendment) Bill
Introduce a strict annual issuance limit on the Reserves Management Government Securities (RMGS), as the current S$580 billion cap is “far too large” and not on an annual basis. That was the call from NCMP Leong Mun Wai in Parliament on Tuesday (Jan 11). He said changes in a Bill being debated would open up the possibility of the Government being able to pressure the Monetary Authority of Singapore to print more Singapore dollars to accumulate more foreign reserves. This would lead to the risk of “a collapse in monetary and fiscal discipline, leading to hyperinflation”. Mr Leong also asked for transparency on Singapore’s national reserves and the rationale for increasing taxes, including GST.
Introduce a strict annual issuance limit on the Reserves Management Government Securities (RMGS), as the current S$580 billion cap is “far too large” and not on an annual basis. That was the call from NCMP Leong Mun Wai in Parliament on Tuesday (Jan 11). He said changes in a Bill being debated would open up the possibility of the Government being able to pressure the Monetary Authority of Singapore to print more Singapore dollars to accumulate more foreign reserves. This would lead to the risk of “a collapse in monetary and fiscal discipline, leading to hyperinflation”. Mr Leong also asked for transparency on Singapore’s national reserves and the rationale for increasing taxes, including GST.
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