The Monetary Authority of Singapore reported a loss of $7.4 billion last year on the back of lower investment gains on the county’s foreign reserves and as the Singapore dollar appreciated.
During a media conference today, MAS Managing Director Ravi Menon said investment gains from Singapore’s foreign reserves came up to $4 billion but this was however weighed down by the rising Singapore dollar and higher interest expenses.
The appreciation of the Singapore dollar led to a negative foreign exchange translation effect of S$8.7 billion, the total expenditure also increased to S$2.8 billion due to mainly higher interest expenses in the domestic money market operations.
This led to a S$7.4 billion loss, MAS’ first since the financial year ending in March 2013, the loss will result in the authority not contributing to the Government’s consolidated fund nor return profits to the Government this year.
