SINGAPORE: The Monetary Authority of Singapore (MAS) reported a net profit of S$3.8 billion (US$2.83 billion) for the fiscal year that ended on March 31, reversing the previous year’s record S$30.8 billion loss.
Managing director Chia Der Jiun announced on Thursday (Jul 18) that MAS made investment gains of S$12.7 billion, more than 20 times the S$0.6 billion earned the previous year.
Mr Chia stated at the release of the central bank’s annual report that the investment gains were primarily from interest income, dividends, and realised capital gains. The MAS generated a total income of S$25.2 billion.
During the fiscal year, there was also a “small positive currency translation effect” of S$1.7 billion. This is because the MAS reports its results in Singapore dollars, while the euro, pound sterling, and US dollar – some of the official foreign reserves – have strengthened against the local currency.
The total expenditure was S$21.4 billion, primarily due to interest expenses on MAS bills and other borrowings for domestic money market operations. This is up from S$13.7 billion a year earlier.
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