Singapore central bank sees record net loss on inflation fight
The Monetary Authority of Singapore says the city-state booked a net loss of S$30.8 billion for the financial year ended March. – EPA pic, July 5, 2023.
SINGAPORE’s central bank said today it suffered a record annual net loss of US$23 billion in the most recent financial year as it tightened monetary policy to battle soaring inflation, and it warned the city-state’s economy still faced headwinds. Central banks worldwide have embarked on a campaign to cushion the effects of rising prices following Russia’s invasion of Ukraine last year that hammered oil and gas supplies.
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