Singapore announces large loss

monetary-authority-singapore

On Thursday, the Monetary Authority of Singapore revealed a loss for only the second time in history.

The central bank's Annual Report showed a net loss of S$10.94 billion ($9 billion).

The strong local currency was to blame, according to the central bank. "Most of the Authority's assets comprise official foreign reserves, intended for the conduct of monetary policy and the defence of the Singapore dollar," said the report. "These are necessarily invested in a diversified range of foreign

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