MAS expands rate-setting review to cover NDFs


The Monetary Authority of Singapore (MAS) has instructed banks that set rates for non-deliverable forward (NDFs) foreign exchange contracts to review their practices and report any irregularities discovered. Singapore is an important financial centre for NDFs, which typically are forwards traded in restricted currencies and settled in US dollars.

Members of the Association of Banks in Singapore (ABS) rate-setting panels have been directed to immediately report any irregularities they uncover

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