Singapore’s Forex reserves highest since March 2022

Foreign exchange reserves in Singapore have risen to their highest level since March 2022 in October, the latest data by the Monetary Authority of Singapore showed.

Foreign exchange reserves increased to SGD 507.6 billion in October from SGD 499.7 billion in September.

The latest figure was mostly driven by increases in:

– Special Drawing Rights (SGD 8.36 billion up from SGD 8.27 billion in September);
– IMF reserve position (SGD 1.73 billion up from SGD 1.71 billion in September);
– Gold & Foreign Exchange (SGD 497.5 billion up from SGD 489.7 billion in September).

In October last year, the nation’s Forex reserves were reported at SGD 463.4 billion.

The USD/SGD currency pair settled 0.47% higher at 1.3259 on Friday. For the week, the exotic currency pair remained almost without change.