Singapore central bank transfers US$55 billion of excess foreign reserves to govt

The Singapore national flag flies next to signage for the Monetary Authority of Singapore (MAS) displayed outside the central bank's headquarters in Singapore. - Bloomberg

SINGAPORE, April 9 (Reuters): Singapore's central bank has announced that it has transferred excess official foreign reserves (OFR) of S$75 billion (US$55.11 billion) to the government through a subscription of reserves management government securities.

RMGS is a mechanism to facilitate the transfer of OFR that is not needed for the conduct of monetary policy and financial stability from the central bank to the government, for longer-term investment by GIC, the sovereign wealth fund.