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Singapore banking system “remains sound” after Brexit: monetary authority

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by June 24, 2016 General

SINGAPORE, June 24 (Xinhua) — The Monetary Authority of Singapore (MAS) said on Friday that the city-state’s banking system remained sound after Britain voted to leave the European Union in a referendum.

“Singapore’s interbank money markets continue to function in an orderly manner and its banking system remains sound,” the MAS said in a statement.

“The liquidity positions of the major banks in Singapore are healthy, and overall banking system liquidity remains adequate. MAS will provide additional liquidity to the banking system if needed.”

The ministry said the trade-weighted Singapore dollar remained within its policy band, notwithstanding heightened volatility in international foreign exchange markets on Friday, adding that it would curb excessive volatility in the Singapore dollar if necessary.

“We have been prepared for the market volatility. MAS had been in close contact over the past weeks with banks in Singapore, foreign central banks and regulators to take preparatory actions to ensure the resilience of our financial system and markets in the event of Brexit,” it said.

MAS also said that it would keep close contact with fellow central banks and regulators, as “uncertainty is likely to persist following the referendum outcome.”

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