Singapore Forex reserves surge in December

Foreign exchange reserves in Singapore have risen to SGD 506.71 billion in December from SGD 505.74 billion in November, the latest data by the Monetary Authority of Singapore showed.

The latest figure was mostly driven by increases in:

– Gold & Foreign Exchange (SGD 496.54 billion up from SGD 495.64 billion in November);
– Special Drawing Rights (SGD 8.41 billion up from SGD 8.36 billion in November);
– IMF reserve position (SGD 1.76 billion up from SGD 1.74 billion in November).

In December last year, the nation’s Forex reserves were reported at SGD 463.04 billion.

The Singapore Dollar was little changed on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3616.