Monetary Authority of Singapore Annual Report 2011/2012
Our Work

MAS Bills

MAS announced on 29 July 2010 that short term MAS bills would be issued as part of money market operations, serving as a complement to three other instruments – FX swaps, clean lending and borrowing, and SGS repos – which are used to inject or withdraw liquidity from the financial system.

The implementation of the MAS bills programme began in April 2011, with the issuance of 4-week MAS Bills, followed in August 2011 with the issuance of 8-week MAS bills. In July 2012, MAS plans to extend the tenor of its bills by issuing 12-week MAS bills.

By the end of FY11, about S$18 billion in outstanding MAS Bills were available for financial institutions. These help to broaden the availability and diversity of high-quality assets available in the market, to allow financial institutions to better manage their liquidity.