GIC to manage extra billions in reserves

Finance Minister Lawrence Wong (pic) said about S$185bil (RM572.86bil) would need to be transferred in phases to reach the optimal reserves amount, without specifying how long that would take.

SINGAPORE: Singapore’s sovereign wealth fund GIC Pte is poised to get a massive influx of new funds to manage after the city-state changed the way the central bank transfers excess foreign currency reserves to the firm.

Parliament on Tuesday passed a bill allowing the Monetary Authority of Singapore (MAS) to buy a new type of non-marketable security issued by the government, known as Reserves Management Government Securities.