Singapore central bank suffers S$9.2 bln loss in FY 08/09

July 16, 2009
Singapore Democrats

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Reuters

Singapore’s central bank said on Thursday it posted a net loss of S$9.2 billion ($6.34 billion) in its last financial year that ended March 2009, badly hurt by a decline in global markets.

The loss compared to a profit of S$7.44 billion in the same period a year earlier, the Monetary Authority of Singapore’s Managing Director Heng Swee Keat said at a press conference.

“The unprecedented global financial crisis has weighed heavily on financial markets worldwide, leading to severe declines in valuation across many asset classes amidst heightened market volatility,” he said.

“MAS’ investment were negatively affected by this crisis.”

The loss in the last financial year equalled about 3.5 percent of the central bank’s average assets, he said.

“With the broad based upturn in financial markets after the close of the financial year, the valuation of MAS’ foreign assets has improved and more than half of the losses have been recovered,” he said.

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