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Singapore: Staff Report for the 2008 Article IV Consultation—Informational Annexes

Author(s):
International Monetary Fund
Published Date:
August 2008
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Annex I: Singapore—Fund Relations

(As of April 30, 2008)

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

II. General Resources Account:

SDR millionQuota

(In percent)
Quota862.50100.00
Fund holdings of currency807.4192.80
Reserve position in Fund55.137.20

III. SDR Department:

SDR millionAllocation (In percent)
Net cumulative allocation16.48100.00
Holdings223.961,359.35

IV. Outstanding Purchases and Loans: None

V. Financial Arrangements: None

VI. Projected Payments to Fund: None

VII. Exchange Arrangement:

Singapore’s exchange rate regime is a managed floating system. 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. As of June 4, 2008, US$1=S$1.3638

Singapore has accepted the obligations of Article VIII, Sections 2, 3, and 4 and maintains an exchange rate system that is free of restrictions on the making of payments and transfers for current international transactions.

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 have to 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.

VIII. Last Article IV Consultation:

The 2007 Article IV consultation discussions were held in Singapore during April 19 to May 3, 2007, and the consultation was concluded by the Executive Board on September 5, 2007.

IX. FSAP Participation:

The FSAP was undertaken in conjunction with the 2003 Article IV consultation. FSAP missions took place in November 2002, July–August 2003, and September 2003.

X. Technical Assistance: None

XI. Resident Representative: Mr. Salgado

Annex II: Singapore—Statistical Issues

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.

While the authorities have continued to improve the quality of data, dissemination of more disaggregated data would enhance the basis for macroeconomic policy analysis, particularly in the external and fiscal areas.

  • In early 2006, the Singapore Department of Statistics (DOS) completed rebasing the reference year for the Singapore System of National Accounts from 1995 to 2000. The DOS also made improvements in data sources and methodology. The reconciliation of various national accounts estimates was conducted, resulting in lower statistical discrepancies. Work on further improvements, particularly with respect to changes in inventories, is ongoing.
  • The authorities have released the full set of statistics on merchandise trade including trade with Indonesia since January 2006. Prior to this, merchandise trade statistics did not fully include trade with Indonesia, although trade transactions with Indonesia are captured elsewhere in the current account of the balance of payments (BOP).
  • Information on government assets held abroad is neither published nor provided to the Fund. Interest and dividend on these assets and 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.
  • Data on the international investment position (IIP) are not provided on a disaggregated level as suggested by the Balance of Payments Manual (5th edition). Moreover, the IIP position does not include the net foreign assets held by the Government of Singapore Investment Corporation, although the associated flows are included in the balance of payments data.

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.

Singapore—Table of Common Indicators Required for Surveillance(As of June 5, 2008)
Date of

Latest

Observation
Date

Received
Frequency

of

Data6
Frequency

of

Reporting6
Frequency of

Publication6
Exchange ratesJun 2008Jun 2008DDD
International reserve assets and reserve liabilities of the Monetary Authorities1Apr 2008May 2008MMM
Reserve/base moneyApr 2008May 2008MMM
Broad moneyApr 2008May 2008MMM
Central bank balance sheetApr 2008May 2008MMM
Consolidated balance sheet of the banking systemApr 2008May 2008MMM
Interest rates2Jun 2008Jun 2008DDD
Consumer price indexApr 2008May 2008MMM
Revenue, expenditure, balance and composition of financing3—general government4
Revenue, expenditure, balance and composition of financing3—central governmentApr 2008May 2008MMM
Stocks of central government and central government-guaranteed debt5
External current account balance2008: Q1May 2008QQQ
Exports and imports of goods and services2008: Q1May 2008MMM
GDP/GNP2008: Q1May 2008QQQ
Gross external debt72007: Q4Mar 2008QQQ
Net international investment position820062007AAA

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, domestic bank, 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.

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

Official external debt is zero.

The reported number does not include the net foreign asset position of the Government of Singapore’s Investment Corporation.

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, domestic bank, 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.

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

Official external debt is zero.

The reported number does not include the net foreign asset position of the Government of Singapore’s Investment Corporation.

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