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 Government of Singapore Investment

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