Monetary Authority of Singapore

MAS MANAGING DIRECTOR RAVI MENON APOLOGIZES FOR SG50 NOTE MISSPELLING

The Monetary Authority of Singapore (MAS) launched its SG50 commemorative notes sets today with much fanfare as Singaporeans queued up at banks all over the island to get their hands on a set of limited edition SG50 notes. However, this launch has now been marred by an embarassing misspelling of the name of Singapore's first President Yusof Ishak in the packaging.

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MONETARY AUTHORITY OF S'PORE COOPERATING WITH MALAYSIA ON 1MDB PROBE

As Malaysian investigators close in on alleged fund transfers into the Malaysian Prime Minister Najib Razak's personal accounts, they have asked for the cooperation of the Monetary Authority of Singapore (MAS). According to documents released by The Wall Street Journal, $681 million of the money allegedly transferred to Najib's accounts came from a Singapore account of a British Virgin Islands-based company.

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MAS SAYS IT DID NOT USE RESERVES TO PROP UP SING DOLLAR

MAS said in a news release on Tuesday: "These reports had erroneously cited the fall in Singapore's official foreign reserves (OFR) and MAS' FX swaps since mid-2014 as an indication of heavy intervention by MAS to support the Singapore Dollar Nominal Effective Exchange Rate." Singapore's official foreign reserves declined by US$29 billion from June 2014 to US$249 billion as at end-March 2015. This came after an increase of US$105 billion over the preceding five years.

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