Comments by MAS Spokesperson on Market Conditions:

US$ borrowing rates in Singapore have been elevated following conditions in major money markets globally. With this afternoon's coordinated announcement from central banks in key jurisdictions, US$ market pressures appear to have eased.

S$ interest rates have been orderly during this time, with sufficient liquidity maintained in the banking system. MAS has been in close contact with other major central banks and stands ready to inject additional liquidity as the situation may warrant.