IN RESPONSE to the US Treasury report that put Singapore on its watch list for exchange rate and macroeconomic policies, the Monetary Authority of Singapore (MAS) said on Wednesday that it does not manipulate its currency for export advantage. Read more at The Business Times.
The response from MAS comes as the US Treasury report published estimates showing that in 2018 Singapore made net foreign exchange purchases of at least US$17 billion, which is equivalent to 4.6 per cent of gross GDP .
Singapore runs one of the largest current account surpluses in the world as a share of GDP at 17.9 per cent in 2018, the US Treasury said in its report."Notwithstanding this large external surplus with the rest of the world, Singapore has consistently run a bilateral goods trade deficit with the United States, which in 2018 totalled US$6 billion.
As the economy matured, its investment needs tapered off, while national saving rose. Consequently, the current account turned into a surplus position, said the central bank. "MAS assesses that together with rising affluence that will raise consumption, Singapore’s current account surplus will be reduced when public and private savings are drawn down for the needs of an ageing population."
MAS had announced in May that it would begin publicly disclosing more data in 2020, a development that the US Treasury said in its report that it"welcomes".
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