Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Singapore Central Bank's Fiscal Year 2021 Total Income at S$8.6 Billion

06/29/2021 | 09:41pm EDT

By Ronnie Harui

The Monetary Authority of Singapore's total income stood at 8.6 billion Singapore dollars (US$6.39 billion) in the financial year ended March 31, as interest income and realized capital gains were offset by negative currency translation effects, the central bank said Wednesday.

The result was down from S$17.2 billion in FY 2020, while net profit came to S$5.2 billion compared with S$10.6 billion a year earlier, the central bank said.

At the end of the financial year, the central bank's official foreign reserves were S$510.2 billion. About three-quarters of the OFR are denominated in U.S. dollars, euros, yen and pounds, with USD forming the bulk of that. Investment-grade bonds in advanced economies make up the largest allocation in its portfolio.

In terms of investment performance, the MAS's official foreign reserves had a total gain of S$8.2 billion in FY 2021, comprising investment gain of S$22.8 billion and negative currency translation effects totaling S$14.6 billion, the central bank said.

With heightened uncertainty over the path of the Covid-19 pandemic globally and domestically, the official forecast for Singapore's gross domestic product growth in 2021 was maintained at 4% to 6%, with a view to revising it when there's greater clarity, the MAS said.

The forecast range for headline inflation has been revised upward to 1% to 2% in 2021, from 0.5% to 1.5% previously, in view of recent stronger-than-expected private transport inflation, the central bank said. Meanwhile, core inflation is expected to average between 0% and 1% in 2021.

At its April policy review, the MAS maintained the rate of appreciation of the Singapore dollar nominal effective exchange rate policy band at zero percent. MAS said that an accommodative monetary policy stance remains appropriate as core inflation was expected to stay low in 2021.

Write to Ronnie Harui at ronnie.harui@wsj.com

(END) Dow Jones Newswires

06-29-21 2341ET

Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / SINGAPORE-DOLLAR (GBP/SGD) 0.07% 1.83879 Delayed Quote.2.71%
DJ INDUSTRIAL -1.63% 34299.99 Delayed Quote.13.69%
EURO / SINGAPORE-DOLLAR (EUR/SGD) 0.05% 1.587 Delayed Quote.-1.89%
INDIAN RUPEE / SINGAPORE-DOLLAR (INR/SGD) 0.02% 0.018292 Delayed Quote.1.38%
MSCI SINGAPORE (GDTR) 1.19% 6526.864 Real-time Quote.12.38%
US DOLLAR / SINGAPORE-DOLLAR (USD/SGD) 0.13% 1.35872 Delayed Quote.2.52%
Latest news "Economy & Forex"
05:55pN.Korea tests new hypersonic missile as it ramps up weapon systems
RE
05:52pWORLD BANK : What You Need to Know About Sustainable Development Bonds
PU
05:42pCYBERSECURITY AND CYBER RESILIENCY : A Comparison
PU
05:35pThe WSJ Dollar Index Rises 0.44% to 88.35 -- Data Talk
DJ
05:34pEuro Lost 0.09% to $1.1685 -- Data Talk
DJ
05:34pSterling Lost 1.18% to $1.3537 -- Data Talk
DJ
05:34pDollar Gains 0.44% to 111.50 Yen -- Data Talk
DJ
05:33pKRAKEN ROBOTICS : Digital asset exchange Kraken to pay $1.25 mln penalty to settle U.S. CFTC charges
RE
05:32pDogecoin Lost 0.52% to $0.200 at 5 p.m. ET -- Data Talk
DJ
05:32pEthereum Lost 3.75% to $2863.28 at 5 p.m. ET -- Data Talk
DJ
Latest news "Economy & Forex"