MAS opens gold vault to foreign central banks

Stacking up: An employee stacks gold bars in a safety deposit box in the precious metals vault. The Singapore service will support market activity during Asian hours, as gold trading, liquidity and price discovery are focused in global centres like London. — Bloomberg

SINGAPORE: The Monetary Authority of Singapore (MAS) has launched a gold vaulting service that allows foreign central banks, international financial institutions and sovereign entities to hold their gold reserves in the Republic.

The gold will be stored in MAS’ national currency vault, which can currently hold up to 500 tonnes of the precious metal, with room to expand as demand grows.