End of Period

Total 

Special
Drawing Rights 

Reserve
Position
in the IMF 

Gold & Foreign
 Exchange 

Total Official
 Foreign Reserves
Changes in the Official Foreign Reserves (OFR) are influenced by the following factors:
(a) Foreign exchange intervention operations involving the purchase or sale of USD for the purpose of implementing the exchange rate policy;
(b) Transfer of assets that are in excess of what MAS deems necessary to maintain confidence in Singapore’s exchange rate-centred monetary policy to the Government for longer-term investment;
(c) Realised investment gains or losses on the OFR;
(d) Currency translation effects;
(e) Changes in the stock of FX swaps, as part of MAS’ money market operations to manage liquidity in the banking system; and
(f) Foreign exchange transactions with the Government as part of MAS’ function as a banker to the Government. The increase in the OFR arising from the foreign exchange transaction is matched by a corresponding increase in the Government Deposits with MAS. The Government’s direct exchange of its foreign currency holdings for S$ is for cash flow management purposes such as fiscal expenditures, debt obligations, and capital allocation.

 2018

 2019

 2020

 2021

 2022