How Singapore manages its reserves

Ravi Menon

Singapore has official foreign reserves (OFR) of almost $300 billion.11 All $ figures in this chapter refer to US dollars unless otherwise stated. In absolute terms, this is the 11th highest stock of OFR in the world, and as a percentage of GDP, and on a per capita basis, it is the third highest in the world, see Figure 6.1 below. Singapore’s OFR sit on the balance sheet of the Monetary Authority of Singapore (MAS), the central bank and integrated financial regulator.

Figure 6.1

Besides the OFR, there are two other pots of national reserves in Singapore. The

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account