SGD pumped up by MAS Monetary Authority of Singapore (MAS) posted a net loss of S$30.8 billion for FY2023, the largest loss it has ever recorded. A large chunk of the loss - $21.4 billion, or almost 70 per cent of the total - was due to the strengthening of the Singapore dollar against foreign currencies. Since MAS uses the exchange rate to control inflation, the strengthening of the Singapore dollar was essential to keep price pressures in check.
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