How Singapore manages its reserves

MAS managing director Ravi Menon explains Singapore’s total approach to reserve management

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11th-highest OFR: Singapore has official foreign reserves of almost US$300 billion

Singapore has official foreign reserves (OFR) of almost US$300 billion. In absolute terms, this is the 11th-highest stock of OFR in the world. As a percentage of GDP and on a per-capita basis, it is the third-highest in the world. Singapore’s OFR sit on the balance sheet of the Monetary Authority of Singapore (MAS), the central bank and integrated financial regulator.

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

The Government of Singapore Investment Corporation

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