Admittedly, the Christmas season is a time for generosity but not foolhardiness. As such, MAS preserved the existing limits of the development of an offshore market for the SGD, retaining the SGD5 million $2.88 million limit on the amount of funds that can be lent offshore. The need to preserve control over it s primary tool of monetary policy - the SGD trade weighted index - therefore delimits MAS s willingness to liberalize.
In almost all other areas, however, the SGD has been internationalized in a move which will add significant depth, liquidity and variety to Singapore s capital markets non-resident investors can now borrow SGDs to fund local investments, such...
