The Monetary Authority of Singapore pointed out that the agency promotes actions to guarantee financial stability and boost the economy
The head of the Monetary Authority of Singapore said that the agency promotes financial stability for the boost of the economy of the city-state.
In a speech to the president the head of the agency, Tharman Shanmugaratnam, said that they are working with the financial and Fintech sectors.
He also said that the aim is to make Singapore emerge stronger from the crisis and promote the city-state as a global financial center.
In that sense, he pointed out that MAS is focused on providing the support that the financial area requires.
In this way it can continue to support the economy and provide jobs for Singaporeans.
Policies to promote financial stability
Ensure monetary stability:
The agency adopted an accommodative monetary stance to complement the fiscal policy measures that mitigate the economic impact.
Promote financial stability:
MAS provided a series of regulatory measures that do not compromise prudential standards.
Support for people and companies:
The agency promotes a comprehensive package of measures that provide relief to individuals and companies to meet their loan and insurance commitments.
Positioning the financial sector to emerge stronger:
It ensures that the financial sector is well equipped to emerge stronger from the crisis and promote Singapore as a global financial center.
Singapore’s economy is currently going through its most severe decline since independence.
Since the start of the pandemic, the government has allocated more than 80 billion dollars to support the economy amid trade tensions and the global economic crisis.
Official data indicate that the national economy contracted 6.7 percent in the first half of the year, with a record drop in the second quarter.