MAS' Response to COVID-19
Supporting IndividualsMAS has worked with financial institutions and financial industry associations in Singapore to provide support measures that will ease the financial strain on individuals affected by COVID-19.
Supporting BusinessesMAS has worked with financial institutions and financial industry associations in Singapore to provide support to, and ease cashflow constraints for businesses affected by COVID-19.
Enabling Financial Institutions to Manage Pandemic Challenges and Build Long-Term CapabilitiesMAS has adjusted several regulatory and supervisory programmes to focus the financial sector on COVID-19 priorities, as well as launched a support package to sustain and strengthen long-term capabilities in the financial services and FinTech sectors amid the current economic slump.
Ensuring Safe Distancing and Operational Resilience of the Financial Sector
MAS has issued guidance and advisories to financial institutions in Singapore on operational, technology and cyber risks so as to safeguard the operational resilience of the financial sector. In line with the elevated safe distancing measures announced by the Ministry of Health (MOH), MAS has also told financial institutions to implement safe distancing measures in all aspects of their business operations, especially customer touch points.
Ensuring Monetary and Financial StabilityMAS adopted a zero percent per annum rate of appreciation of the policy band, starting at the prevailing level of the S$NEER as at 30 March 2020.
MAS is providing ample Singapore Dollar (SGD) liquidity to the banking system through its daily money market operations (MMO), so that banks can continue to play their role in providing credit to individuals and businesses in Singapore. MAS has also established a to provide up to US$60 billion of funding to banks in Singapore to support stable USD liquidity conditions. The USD funds are obtained through a , which will enable Singapore to play its role in supporting US funding markets in the region.