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."