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2017.06.2902:24:00UTC+00Singapore's MAS Records Net Profit of $18.6 Billion

Singapore's monetary authority unveiled it recorded a net profit amounting to S$24.3 billion ($18.6 billion) in the fiscal year that ended March 2017, glided by greater investment returns and upbeat currency translation effects.

However, the Monetary Authority of Singapore stressed this is not the time to celebrate yet since erratic swings influence its gains and losses. The earnings followed a net profit of S$200 million ($144 million) in the last fiscal year.

The country's central bank trails an April-March fiscal year.

MAS head Ravi Menon said Thursday the numbers do not depict their traditional investment method which highlights stable and long-term advances.

The MAS stated the currency translation effects, depicting the fall of Singapore's currency against the greenback and the yen, was worth S$8.2 billion ($5.9 billion), helping it to amass an increase of S$30.1 billion ($21.8 billion) from the ventures of its offshore reserves.

Tags: Policy, Finance

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