Comments by MAS Spokesperson on Developments in Various Jurisdictions :

Over the past week, various jurisdictions have announced extraordinary measures to bolster confidence in their financial systems. In Singapore, our financial system remains stable and robust. Financial institutions here are sound and are operating normally. Our domestic Singapore dollar money and foreign exchange market have been calm and banks have been able to obtain funding in the interbank market. Confidence in Singapore’s markets and financial institutions remains high. We have not had to take any exceptional measures.

Nonetheless, MAS is assessing the impact of the extraordinary measures taken elsewhere.

We will take the necessary steps to ensure that banks in Singapore are not disadvantaged and are able to operate on an equal footing with other banking systems internationally.