Singapore asks banks to restrict their dividends

The Monetary Authority of Singapore (MAS) wanted to “ensure the banks’ capital buffers remain ample in the face of significant uncertainties ahead, so they can sustain lending to the economy, ” MAS managing director Ravi Menon said in a statement.

SINGAPORE: Singapore’s central bank has asked locally incorporated lenders to cap their 2020 dividends at 60% of last year’s levels, to ensure a sufficient flow of loans as they confront the downturn triggered by the pandemic.

The Monetary Authority of Singapore (MAS) wanted to “ensure the banks’ capital buffers remain ample in the face of significant uncertainties ahead, so they can sustain lending to the economy, ” MAS managing director Ravi Menon said in a statement.