Singapore Govt guarantees SGD & Foreign Dollar Deposits
Written By: Tiang Chuan on October 16, 2008
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Read the Ministry of Finance and Monetary Authority of Singapore (MAS) joint press statement here on the Singapore Government’s guaranteed on Singapore Dollar and Foreign Currency Deposits.
The Singapore Government puts up a guarantee of SGD$150 Billion using its reserves to guarantee all Singapore Dollar and foreign currency deposits of individuals and non-bank customers in banks, finance companies and merchant banks licensed by the MAS. This guarantee starts immediately and lasts till 31 December 2010.
Again, Hong Kong has taken the lead in having announced a similar move on Monday (13 Oct).
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