<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - </TD><TD id=msgunetc noWrap align=right></TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>Raffles1823 <NOBR></NOBR></TD><TD class=msgDate width="30%" noWrap align=right>12:01 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right>(1 of 15) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"></TD><TD class=wintiny noWrap align=right>54314.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD id=msgtxt_1 class=msgtxt>MAS records net loss of S$10.9b for year ended March 2011
By Rachel Kelly | Posted: 21 July 2011 1220 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has recorded its biggest loss in 40 years on the back of a strong Singapore dollar.
MAS has recorded a net loss of S$10.9 billion for its fiscal year ended March 2011. This compared to a record net profit of S$10 billion posted last year.
The central bank said excluding exchange rate effects, it achieved income and net capital gains totalling S$12.3 billion during the financial year ended March 2011.
MAS disclosed these figures in its latest annual report released Thursday.
The loss comes as the foreign exchange impact from the stronger Singapore dollar exceeded the interest, dividend and valuation gains on foreign assets held.
Most of MAS's assets comprise official foreign reserves.
These are invested in a diversified range of foreign currency assets.
During the year, the Singapore dollar appreciated against most currencies including the US dollar, Euro and Sterling Pound, but weakened against the Yen.
The total assets of the central bank, including the Currency Fund, grew by S$13.85 billion to S$299.75 billion in the financial year ended 31 March 2011.
In 2010, MAS tightened its monetary policy as the economy strengthened. It shifted to a modest and gradual appreciation of the exchange rate policy band in April 2010.
Further tightening was undertaken in October 2010 and April 2011 as growth became more entrenched and resource constraints more binding.
MAS said the tighter monetary policy stance will ensure price stability over the medium term and keep growth on a sustainable path.
In the chairman's message of the annual report, Deputy Prime Minister Tharman Shanmugaratnam said that "the ongoing sovereign debt crisis in the European periphery poses significant risks - both to global economic growth and financial stability."
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1142148/1/.html
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By Rachel Kelly | Posted: 21 July 2011 1220 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has recorded its biggest loss in 40 years on the back of a strong Singapore dollar.
MAS has recorded a net loss of S$10.9 billion for its fiscal year ended March 2011. This compared to a record net profit of S$10 billion posted last year.
The central bank said excluding exchange rate effects, it achieved income and net capital gains totalling S$12.3 billion during the financial year ended March 2011.
MAS disclosed these figures in its latest annual report released Thursday.
The loss comes as the foreign exchange impact from the stronger Singapore dollar exceeded the interest, dividend and valuation gains on foreign assets held.
Most of MAS's assets comprise official foreign reserves.
These are invested in a diversified range of foreign currency assets.
During the year, the Singapore dollar appreciated against most currencies including the US dollar, Euro and Sterling Pound, but weakened against the Yen.
The total assets of the central bank, including the Currency Fund, grew by S$13.85 billion to S$299.75 billion in the financial year ended 31 March 2011.
In 2010, MAS tightened its monetary policy as the economy strengthened. It shifted to a modest and gradual appreciation of the exchange rate policy band in April 2010.
Further tightening was undertaken in October 2010 and April 2011 as growth became more entrenched and resource constraints more binding.
MAS said the tighter monetary policy stance will ensure price stability over the medium term and keep growth on a sustainable path.
In the chairman's message of the annual report, Deputy Prime Minister Tharman Shanmugaratnam said that "the ongoing sovereign debt crisis in the European periphery poses significant risks - both to global economic growth and financial stability."
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1142148/1/.html
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