The curious world of finance gets curiouser!
These days when I want to take refuge from the real world and indulge in fantasy, I read the newspapers in Singapore. Seriously, there's sometimes more make-believe in Oxley Street and the City of Singapore than in Alice's Wonderland. Here's one on a recent front page of The Straits Times: Generous CPF Rates Among Highest...
The US$34B of foreign reserves spent by MAS
So, according to DBS, since July 2014 the Monetary Authority of Singapore appears to have spent US$34b to prop up the S$ against a charging US$. But the MAS monthly balance sheet reports that the Official Foreign Reserves (OFR) stood at S$341.5b in July 2014 and $340.9b in February 2015, an insignificant change in the OFR on...
Govt’s spending gap: Now you see it, then you won’t
DPM Tharman Now that we know the government has a $6.67b shortfall in its budget, isn’t it fortuitous it is announced effective from 2017 the application of the expected long term rate of return rule to Temasek’s share of the Net Investment Return Contribution which can make that fiscal shortfall disappear, as if...
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