Business News
Singapore's central bank reports loss of billions last year
Jul 21, 2011, 8:00 GMT
Singapore - Singapore's central bank on Thursday reported the second and biggest loss in its 40-year history because of a strong Singapore dollar.
The Monetary Authority of Singapore, most of whose assets are foreign reserves, suffered a net loss of 10.9 billion Singapore dollars (9 billion US dollars) for the fiscal year that ended March 31. In the year before, it recorded a net profit of 10 billion Singapore dollars.
The central bank said in its annual report that excluding exchange rate effects, it achieved income and net capital gains totalling 12.3 billion Singapore dollars during the past financial year.
The Singapore dollar has appreciated against most currencies, including the US dollar, euro and pound, but it has weakened against the yen.
The total assets of the central bank grew by 13.85 billion Singapore dollars to 299.75 billion Singapore dollars in the past fiscal year, it said.
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