SG's central bank to transfer $33b to GIC for longer-term investments

The Monetary Authority of Singapore (MAS) is transferring $33 billion (S$45 billion) out of its $404 billion in foreign exchange reserves to sovereign wealth fund GIC for longer-term investments.

According to a statement, MAS said that the amount represents an “excess over what it deems necessary to maintain confidence in Singapore’s exchange rate-centred monetary policy”. The transfer will take place in May 2019.

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