Singapore Financial Markets Functioning Well Despite Heightened Volatility

Singapore, 13 March 2020 … The Monetary Authority of Singapore (MAS) said today that the Singapore Dollar money market and foreign exchange market are functioning normally in the face of heightened volatility in global and domestic financial markets. Financial markets globally have come under strain in reaction to the now-widespread COVID-19 outbreak.

2 MAS has left a higher level of liquidity in the banking system through its money market operations, and Singapore dollar interest rates have eased in tandem with global interest rates. The nominal effective exchange rate of the Singapore Dollar has eased in an orderly manner within the MAS policy band, in line with weakening economic conditions.

3 MAS stands ready to ensure the orderly functioning of financial markets and the stability of the financial system in Singapore.

Source: Monetary Authority of Singapore