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SINGAPORE: The global economic crisis has hit investment returns at the Monetary Authority of Singapore (MAS).
The central bank says it suffered a net loss of S$9.2 billion in the last financial year ending March 2009. This compares with a profit of S$7.4 billion in the previous financial year.
MAS says the loss represents about 3.5 per cent of its average total assets which comprise bonds and equities in developed markets.
It unveiled these figures on Thursday during a news conference to release its latest annual report.
MAS says the Singapore economy is yet to see a decisive rebound, despite improved numbers in the second quarter.
Given weak demand and easing of domestic costs, it says inflation in Singapore is expected to come in between minus 0.5 per cent and plus 0.5 per cent for the whole of 2009.
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The central bank says it suffered a net loss of S$9.2 billion in the last financial year ending March 2009. This compares with a profit of S$7.4 billion in the previous financial year.
MAS says the loss represents about 3.5 per cent of its average total assets which comprise bonds and equities in developed markets.
It unveiled these figures on Thursday during a news conference to release its latest annual report.
MAS says the Singapore economy is yet to see a decisive rebound, despite improved numbers in the second quarter.
Given weak demand and easing of domestic costs, it says inflation in Singapore is expected to come in between minus 0.5 per cent and plus 0.5 per cent for the whole of 2009.
....
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