Reserves Management Government Securities

Reserves Management Government Securities (RMGS) is a type of non-marketable security issued by the Government to MAS, to facilitate the transfer of excess Official Foreign Reserves (OFR) to the Government for longer-term management by GIC. Excess OFR arises when MAS accumulates reserves that are above what is required for conducting monetary policy and supporting financial stability.

For more details, please refer to the FAQs on RMGS

Outstanding Holdings of RMGSMonth-to-month changes in RMGS holdings reflect new subscriptions of RMGS less maturing RMGS and redeemed RMGS. Redemptions of RMGS before maturity can be undertaken either by the Government using its available SGD cash deposits placed with MAS, or by MAS to supplement the OFR on its balance sheet.

(In S$ billion)

End of Period 2022  2023 2024 
January  - 237.6 254.5
February - 237.6 254.5 
March  75.0 237.6 260.1 
April  88.6
237.6 260.1
May  122.6 237.6  260.1 
June  172.6 237.6  
July  224.7 237.6  
August  228.2 237.6   
September 234.7
October 237.6 237.6   
November 237.6 237.6  
December 237.6 247.0