Comments by MAS Spokesperson on Market Conditions:
"A combination of a dislocation in global money markets and quarter-end funding pressures caused S$ interest rates to firm this morning. To ease market funding pressures, MAS kept a higher level of liquidity in the banking system through its market operations. 3-month S$ Sibor was fixed by the Association of Banks at 2.23% today, up from 1.76% yesterday. Rates have since eased to about 2%.
MAS remains in close contact with market participants. We stand prepared to inject additional liquidity as required."