SINGAPORE: After a S$1.1 billion donation to the Government’s consolidated fund, the Monetary Authority of Singapore (MAS) had a net profit of S$5.2 billion in the financial year that ended on March 31. This reflects a 50.9 percent decrease in net profit from the previous financial year’s S$10.6 billion.
For FY2020/21, half of the net profit – S$2.6 billion – would be given to the government. The remaining will be added to the MAS’ reserves, according to the MAS’ annual report released on Wednesday (June 30). READ: Singapore’s economic growth in 2021 could exceed forecasts of 4% to 6%, says central bank chief In FY2020/21, Singapore’s official foreign reserves generated an investment return of S$8.2 billion. This included S$22.8 billion in investment earnings, primarily from interest income and realized capital gains. However, a negative currency translation effect of S$14.6 billion more than offset this, owing to the strengthening of the Singapore dollar against the US dollar and the Japanese yen.
The central bank spent a total of S$2.3 billion, which included S$1.9 billion for domestic money market and other operations.
“Interest rates fell in 2020 as a result of extraordinary global monetary easing by central banks to alleviate the economic impact of the COVID19 epidemic,” the MAS research stated.
MAS has a total capital and reserves of S$47.5 billion as of March 31.
MAS managing director Ravi Menon stated at a press conference for the delivery of the annual report that this year celebrates the company’s 50th anniversary. Later this year, MAS will commemorate this milestone with a series of activities, he said. “My colleagues and I are acutely aware of the heritage we have inherited, and we will continue to do everything we can to serve Singapore,” he said.
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