By Ronnie Harui
The growth rate of Singapore's financial sector will likely be slower for the rest of 2020 following a stellar first quarter because of weak economic activity, said Ravi Menon, managing director of the Monetary Authority of Singapore.
"In terms of being able to function and operate amid the circuit breaker, the financial sector's performance has been quite heartening," Mr. Menon said in an edited transcript of a fireside chat on Friday.
The country's foreign-exchange market has been resilient and was able to manage the volatility from the global impact of the coronavirus pandemic, Mr. Menon said. While spreads in the market have widened, they haven't widened unduly and there is sufficient liquidity in the system, he said.
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