Singapore's Central Bank Group Swings to Profit in Fiscal Year Ended March

By Ronnie Harui

Singapore's central bank group, which comprises the Monetary Authority of Singapore and its subsidiaries, swung to a profit for the fiscal year ended March from a loss a year earlier, as the group's foreign operations generated income instead of loss while its domestic and other operations produced higher income.

Net profit stood at 3.76 billion Singapore dollars (US$2.80 billion) for fiscal year 2024 from net loss of S$30.77 billion in the previous fiscal year, the Monetary Authority of Singapore said in its annual report released Thursday.

The group also reported total income of S$25.16 billion in fiscal year 2024, compared with total loss of S$17.07 billion in the prior fiscal year, according to the annual report. Income from domestic and other operations increased to S$10.81 billion in fiscal year 2024 from S$3.72 billion in the previous fiscal year, the annual report showed.

Total income was "due mainly to investment gains on the official foreign reserves and income from Reserves Management Government Securities," the MAS said. "A small positive currency translation effect also contributed to total income, as the U.S. dollar, euro and pound sterling strengthened slightly against the Singapore dollar," the central bank added.

For the fiscal year, there was no contribution to Singapore's "Consolidated Fund," nor return of profits to the government, the MAS said.

Write to Ronnie Harui at [e-mail]

(END) Dow Jones Newswires

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