MAS liberalises SGD swap rules for offshore banks

Following its recent decision to liberalise trading in Singapore dollar swaps, the Monetary Authority of Singapore said Mar 13, 2001 that effective March 1 it has allowed offshore banks to enter into currency swaps of any amount with non-banks.

Offshore banks in Singapore can now receive Singapore dollar funds from non-bank entities through currency swaps regardless of whether the local currency funds are raised through a bond issue, the MAS said in a letter dated March 9 to chief executives o