Information about Asia and the Pacific Asia y el Pacífico
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Singapore: Staff Report for the 2018 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
July 2018
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Information about Asia and the Pacific Asia y el Pacífico
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Fund Relations

(As of May 31, 2018)

Membership Status: Joined August 3, 1966; Article VIII.

General Resources Account

SDR MillionsPercent of Quota
Quota3,891.90100.00
Fund holdings of currency (exchange rate)3,394.9487.23
Reserve tranche position498.3712.81
Lending to the Fund:
New Arrangements to Borrow68.74

SDR Department

SDR MillionsPercent of Allocation
Net cumulative allocation744.21100.00
Holdings749.63100.73

Outstanding Purchases and Loans: None.

Financial Arrangements: None.

Projected Payments to the Fund: None.

Exchange Arrangement

Singapore’s de facto exchange rate arrangement is classified as “stabilized arrangement.” The de jure exchange rate arrangement is “other managed.” The Monetary Authority of Singapore (MAS) monitors its value against an undisclosed basket of currencies and intervenes in the market to maintain this value within an undisclosed target band. The U.S. dollar is the intervention currency. Singapore has accepted the obligations of Article VIII, Sections 2, 3, and 4 and maintains an exchange rate system free of restrictions on the making of payments and transfers for current international transactions, except for restrictions maintained solely for the preservation of national or international security, which have been notified to the Fund in accordance with the procedures set forth in Executive Board decision 144–(52/51). Singapore maintains restrictions on Singapore dollar credit facilities to, and bond and equity issuance by, nonresident financial institutions. Singapore dollar proceeds obtained by nonresident financial entities (such as banks, merchant banks, finance companies, and hedge funds) from loans exceeding S$5 million, or any amount for equity listings or bond issuance to finance activities outside Singapore, must be swapped or converted into foreign currency upon draw down. Financial institutions are prohibited from extending Singapore dollar credit facilities in excess of S$5 million to nonresident financial entities if there is reason to believe that the Singapore dollar proceeds may be used for Singapore dollar currency speculation. In a bid to contain a real estate price bubble, Singapore imposed additional stamp duties on purchases by foreigners and corporate entities of residential properties in Singapore.

Article IV Consultation

Singapore is on the 12˗month consultation cycle. The 2017 Article IV consultation discussions were held during April 27–May 9, 2017 in Singapore and the Executive Board concluded the consultation on July 13, 2017 (IMF Country Report No. 17/240).

FSAP Participation

The FSAP Update involved two missions: May 15–22, 2013 and July 25–August 7, 2013. The findings were presented in the Financial System Sustainability Assessment (IMF Country Report No. 13/325). An FSAP is planned for 2019.

Technical Assistance: None.

Resident Representative: Mr. Jochen Schmittmann has been posted in Singapore since August 2017.

Statistical Issues

I. Assessment of Data Adequacy for Surveillance
General: Data provision is broadly adequate for surveillance. While the authorities have continued to expand the range of publicly available data, dissemination of more disaggregated data would enhance the basis for macroeconomic policy analysis, particularly in the external, monetary, and fiscal areas.
National accounts: The Singapore Department of Statistics (DOS) has made improvements in data sources and methodology. The reconciliation of various national accounts estimates was conducted in 2014, resulting in lower statistical discrepancies. DOS has completed the rebasing of Singapore’s national accounts to reference year 2010.

Price statistics: DOS has completed the rebasing of the Consumer Price Index (CPI) to base year 2014. The CPI is rebased once every five years to reflect the latest consumption pattern and composition of goods and services consumed by resident households.
Government finance statistics: Information on government assets held abroad is neither published nor provided to the Fund. The government publishes annually partial information on the interest and dividends on these assets. Debt service payments on domestic debt made from the extra budgetary Government Securities Fund are published on an annual basis. Data on the financial position of the consolidated public sector are not published.
Monetary statistics: The Monetary Authority of Singapore has not submitted the standardized report forms (SRFs) for monetary statistics introduced in October 2004. The SRFs provide for accounting data to be broken down by instrument, sector, and currency.
Balance of payments: In February 2012, the DOS concluded the migration of the balance of payments accounts to the 6thedition of the Balance of Payments and International Investment Position Manual (BPM6). The main changes relative to the 5th edition include: reclassification of repairs on goods and processing fees to services (from goods); reclassification of merchanting to goods (from services); and treating banks’ Asian Currency Units (ACUs) as residents (previously they were regarded as nonresidents, and hence their transactions were excluded from the balance of payments). Data on Singapore’s international investment position (IIP) is not provided on a disaggregated sectoral basis as suggested by the BPM6. The authorities have completed revising the IIP data to include all foreign assets held by Singapore’s Government Investment Corporation. The associated flows were already included in the balance of payments data.
II. Data Standards and Quality
Singapore provides data on a timely basis and meets all the SDDS specifications. These include the coverage, periodicity, and timeliness of the data; and the dissemination of advance release calendars; quarterly certification of the metadata posted on the Fund’s Dissemination Standards Bulletin Board; and provision of information to allow users to assess data quality.No data ROSC is available.
Singapore–Table of Common Indicators Required for Surveillance(As of June 20, 2018)
Date of Latest ObservationDate ReceivedFrequency of Data1Frequency of Reporting1Frequency of Publication1
Exchange rates6/20/186/20/18DDD
International reserve assets and reserve liabilities of the Monetary Authorities25/20186/2018MMM
Reserve/base money4/20185/2018MMM
Broad money4/20185/2018MMM
Central bank balance sheet4/20185/2018MMM
Consolidated balance sheet of the banking system4/20185/2018MMM
Interest rates36/20/186/20/18DDD
Consumer price index4/20185/2018MMM
Revenue, expenditure, balance and composition of financing4—general government53/20179/2017AAA
Revenue, expenditure, balance and composition of financing4—central government4/20185/2018MMM
Stocks of central government and central government-guaranteed debt62018:Q15/2018QQQ
External current account balance2018:Q15/2018QQQ
Exports and imports of goods and services2018:Q15/2018QQQ
GDP/GNP2018:Q15/2018QQQ
Gross external debt72017:Q43/2018QQQ
Net international investment position2017:Q43/2018QQQ

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign and domestic banks, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Official external debt is zero.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign and domestic banks, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Official external debt is zero.

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