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MAS transfers S$75b of official foreign reserves to Singapore govt through new RMGS mechanism
Reserves Management Government Securities (RMGS) is a new type of non-marketable security issued by the government solely to facilitate MAS' transfers of excess official foreign reserves (OFR) to the government, for longer-term investment by GIC. The MAS Act 1970 was amended in February to allow MAS to subscribe to RMGS.
After the transfer of S$75 billion of OFR to the government, the stock of OFR remaining on MAS's balance sheet is estimated at around 95 per cent of GDP, the central bank said on Thursday (Apr 7).
