SINGAPORE, March 13 (Bernama) -- The Singapore dollar money market and foreign exchange market are functioning normally in the face of heightened volatility in global and domestic financial markets.
In a statement today, the Monetary Authority of Singapore (MAS) said financial markets globally have come under strain in reaction to the now-widespread COVID-19 outbreak.
However, the central bank said its has left a higher level of liquidity in the banking system through its money market operations and Singapore dollar interest rates have eased in tandem with global interest rates.
“The nominal effective exchange rate of the Singapore dollar has eased in an orderly manner within the MAS policy band in line with weakening economic conditions,” it said.
MAS said it stands ready to ensure the orderly functioning of financial markets and the stability of the financial system in Singapore.
TAGS: MAS, Singapore Dollar, Financial Markets, COVID-19, Volatility