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Singapore: Staff Report for the 2010 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund
Published Date:
July 2010
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Annex I: Singapore—Fund Relations

(As of May 31, 2010)

Membership Status: Joined August 3, 1966; Article VIII

II. General Resources Account:

SDR MillionQuota
(In percent)
Quota862.50100.00
Fund holdings of currency694.9280.57
Reserve position in Fund167.6419.44

III. SDR Department:

SDR MillionAllocation
(In percent)
Net cumulative allocation744.21100.00
Holdings980.85131.80

IV. Outstanding Purchases and Loans: None

V. Financial Arrangements: None

VI. Projected Payments to Fund: None

VII. Exchange Arrangement:

Singapore’s exchange rate is classified as “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 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. Article IV Consultation:

Singapore is on the 12-month consultation cycle. The 2009 Article IV consultation discussions were held during May 11–18, 2009, the Executive Board discussed the staff report (IMF Country Report No. 09/269) and concluded the consultation on July 29, 2009.

IX. FSAP Participation and ROSCs:

The FSAP was undertaken in conjunction with the 2003 Article IV consultation. The FSSA was published as IMF Country Report No. 04/104.

A fiscal ROSC remains a priority for the authorities, and the exact timing is likely to be considered in 2011. A data ROSC could also be considered at that time.

X. Technical Assistance: None

XI. Resident Representative: Mr. Ravi Balakrishnan

Annex II: Singapore—Statistical Issues

As of June 17, 2010

I. Assessment of Data Adequacy for Surveillance
General: Data provision is broadly adequate for surveillance. 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.
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 2006, resulting in lower statistical discrepancies. (DOS) has completed the rebasing of the Singapore’s national accounts to reference year 2005.



Price statistics: DOS has completed the rebasing of the Consumer Price Index (CPI) to base year 2009. 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. 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.
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: Data on the international investment position (IIP) are not provided on a disaggregated level as suggested by the Balance of Payments Manual (5th edition). Also, the IIP position does not include all the net foreign assets held by Singapore’s Government Investment Corporation, although the associated flows are included in the balance of payments data. The authorities are improving over time the reporting of the international investment position to the IMF.
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 8, 2010)
Date of Latest ObservationDate ReceivedFrequency of Data6Frequency of

Reporting6
Frequency of Publication6
Exchange rates06/08/1006/08/10DDD
International reserve assets and reserve liabilities of the Monetary Authorities105/201006/2010MMM
Reserve/base money05/201006/2010MMM
Broad money04/201006/2010MMM
Central bank balance sheet04/201006/2010MMM
Consolidated balance sheet of the banking system04/201006/2010MMM
Interest rates206/08/1006/08/10DDD
Consumer price index04/201005/2010MMM
Revenue, expenditure, balance and composition of financing3—general

government4
Revenue, expenditure, balance and composition of financing3—central government04/201005/2010MMM
Stocks of central government and central government-guaranteed debt5
External current account balance2010:Q105/2010QQQ
Exports and imports of goods and services04/201005/2010MMM
GDP/GNP2010:Q105/2010QQQ
Gross external debt72009:Q403/2010QQQ
Net international investment position820082009AAA

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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