Singapore central bank suffers net loss of over 6 bln USD
SINGAPORE, July 16 (Xinhua) -- The Monetary Authority of Singapore (MAS), the country's central bank, said on Thursday that it has suffered a net loss of 9.2 billion Singapore dollars (about6.43 billion U.S. dollars) in the last financial year ending March2009.
The loss represents about 3.5 percent of the central bank's average total assets, the MAS said in a press conference to unveil its annual report. In the previous year, the profits stood at 7.44 billion Singapore dollars (about 5.2 billion U.S. dollars).
MAS attributed the loss to the current severe economic crisis which has "pared back about 80 percent of the gains in the preceding two years."
Against the tumultuous external backdrop, the Singapore economy contracted sharply, posting an output loss of around 10 percent from its peak a year ago, the steepest decline in its history, by the first quarter this year, it added.
It also warned that despite improved performance in the second quarter, "The domestic economy is likely to witness slow and uneven growth, rather than sharp and decisive recovery."
For the economy as a whole, Singapore has revised the official growth forecast for 2009 to between minus 6.0 to minus 4.0 percent.
MAS also said that given weak demand and easing domestic costs, inflation for the year is expected to come in between minus 0.5 percent and plus 0.5 percent.
Going forward, the central bank says it is aiming to strengthen Singapore's financial system, of which one of the measures is to enhance the MAS standing facility to provide liquidity to financial institutions, adding that it will also review and intensify its supervision on financial institutions in the sale of investment products.
MAS also said it will continue to keep a strong balance sheet. It has increased its total capital and reserves to 28.74 billion Singapore dollars (about 20 billion U.S dollars), representing close to 11 percent of MAS' total assets, to help Singapore navigate through a potentially volatile financial market environment and to help stabilize its financial system should the need arises.
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Monday, July 20, 2009
MM Lee says Singapore needs to do more to achieve nationhood
MM Lee says Singapore needs to do more to achieve nationhood
By Valarie Tan, Channel NewsAsia | Posted: 18 July 2009 2257 hrs
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SINGAPORE: Despite achieving harmony amongst all races in Singapore, Minister Mentor Lee Kuan Yew said on Saturday that the country is still a work-in-progress when it comes to nationhood.
"Are we a nation yet? I will not say we are. We're in transition," he said at the Orange Ribbon Celebrations which centres on racial harmony.
The minister mentor reminded audiences that cohesiveness was not achieved overnight in Singapore.
"Will we always progress? Provided we know where we are and what we have to do to get there, we can easily regress," he warned. "All you need is to have the JI (plant) a bomb or an explosion at an MRT station."
The JI or Jemaah Islamiyah terrorist group is among the chief suspects behind Friday's bomb attacks on luxury hotels in Jakarta, Indonesia.
Mr Lee said leaders in Singapore will have to continue to work closely with grassroots to achieve the goal of nationhood.
"Please remember this is an ideal which we may not completely reach, but because we have this ideal, we'll continue to make progress," he said.
On new citizens, Mr Lee is confident that Singapore's education system, where English is the main language, will help assimilate the young ones into society.
"That is the nature of our system, we can 'culturalise' them. We can 'Singaporeanise' their habits, their values. We won't force them to change their religion," the minister mentor said.
Mr Lee added that it may take Singapore another 44 years to become a nation, but once the country gets there, it will have a better society.
- CNA/so
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