MAS

Singapore, for now, expects neither a recession nor a stagflation next year, as global economy outlook dims considerably with central banks worldwide forced ...

The Singapore regulator's chairman believes inflation will peak in the third quarter. In a speech, he also strongly defended crypto-related regulation ...

He added that the regulatory framework for the crypto industry did not yet encompass consumer protection, market conduct, or reserve requirements for stablecoins, although that was now changing. Three Arrows Capital, which finews.asia reported on at length, operated as a registered fund manager to carry out limited fund management business and was not regulated under the Payment Services Act, he indicated. The wider inflation gauge including automobile prices and rent/property costs is expected to be 5-6 percent this year.

Ravi Menon, Managing Director of MAS spoke on inflation, developments in the crypto ecosystem, Singapore's financial sector performance and strategies, ...

This is why central banks all over the world tighten monetary policy in a series of well calibrated steps and closely monitor the impact of their actions before deciding on the next step. - In April 2022, MAS re-centred upwards the exchange rate policy band and further increased its rate of appreciation. The current bout of inflation will eventually end. It takes a combination of forcefulness and calibration. - The Total Debt Servicing Ratio (TDSR) caps a mortgage borrower’s overall debt obligations at 55% of his income. A variety of options are available to such vulnerable borrowers. Some crypto players that have come under strain have been reported by the media as being “Singapore-based”. MAS was among the earlier central banks in the world to begin normalising monetary policy. This was before the outbreak of war between Russia and Ukraine. - The increase in domestic interbank interest rates has in turn led to a rise in lending and mortgage rates in Singapore. - Core inflation picked up to 3.6% year-on-year in May, from 3.3% in April and 2.5% in the first quarter of the year. - In China, growth has slowed in the face of mobility restrictions imposed in line with the zero-COVID policy but inflation is not a problem and there is sufficient policy space to support growth.

SINGAPORE: The Monetary Authority of Singapore (MAS) recorded a loss of S$7.4 billion in the last financial year, with lower investment gains on the ...

Another key challenge posed by the combination of rising prices and rising interest rates is the burden imposed on debt servicing. The war has also affected the supply of palladium and neon – two elements that are crucial for semiconductor production. About 80 per cent of this was due to higher oil and food prices. This led to a S$7.4 billion loss - MAS' first since the financial year ending in March 2013. Total expenditure increased to S$2.8 billion, due mainly to higher interest expenses on domestic money market operations. This is why central banks tighten monetary policy in a series of “well-calibrated steps” and closely monitor the impact of their actions before deciding on the next step, he said. He highlighted inflation as the “key macroeconomic challenge” facing the global economy, with the International Monetary Fund projecting global inflation to reach 7.4 per cent - the fastest rate of inflation in the last 25 years. Core inflation, which excludes private transport and accommodation costs, is projected to increase to a peak of 4 to 4.5 per cent in the third quarter. It will then level off, and slightly ease towards the end of this year, at around 3.5 to 4 per cent - much higher than what Singapore has been used to, said Mr Menon. For the whole of 2022, core inflation is forecast to come in at 3 to 4 per cent. The Singapore dollar strengthened 4 per cent against the British pound, 5 per cent against the euro, and 9 per cent against the Japanese yen. SINGAPORE: The Monetary Authority of Singapore (MAS) recorded a loss of S$7.4 billion in the last financial year, with lower investment gains on the country’s foreign reserves and as the Singapore dollar appreciated. The appreciation of the Singapore dollar led to a negative foreign exchange translation effect of S$8.7 billion.

MAS has released its annual report for 2021 and 2022, and announced that more regulations on cryptocurrency might be underway.

He also assured the public that “MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a licence. As such, economic growth in Singapore is expected to slow. MAS issues licences to payment service providers that add value to this ecosystem and have strong risk management capabilities. It welcomes innovative use of blockchain technology that can enhance efficiency and bring cost effectiveness, including in cross-border payments and trade finance. A short technical recession is also expected, in order to bring prices down and tame inflation while setting the stage for a sustained recovery in growth. MAS has thus announced that reviews and consultations are underway in order to strengthen regulation in these areas.

According to Ravi Menon, Managing Director of MAS, the regulator is looking to widen the scope of the crypto regulations to cover areas such as consumer ...

The regulator will also set out to see how its developmental and regulatory approaches will “work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub”. Prior to this, the focus of crypto regulation to-date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks. The Monetary Authority of Singapore (MAS) is set to take a more comprehensive approach to crypto regulations and is targeting to consult on proposed measures in the next few months.

Speaking at the launch of MAS' annual report, he said the focus of crypto regulation in and outside of Singapore has been on money laundering and terrorism ...

It's hard to say," Mr Menon said. So players who are doing some of these activities, but are currently not caught, may well be caught. Speaking at the launch of MAS' annual report, he said the focus of crypto regulation in and outside of Singapore has been on money laundering and terrorism financing risks.

THE Monetary Authority of Singapore (MAS) will consult on crypto regulations involving consumer protection around September or October this year, ...