This week it was reported by the Monetary Authority of Singapore that the official foreign reserves of the country decreased to US$ 167 billion in January from US$ 174.2 billion in December.
This is important news as the official foreign currency reserves totaled SG$252.6 billion in January, up from SG$250.3 billion in December.
Also foreign exchange reserves and gold increased to SG$ 251.7 billion from SG$249.5 billion in December. This is in contrast to the reserve position in the IMF which decreased to SG$ 251.7 million from SG$255.8 million in the previous month. Also special drawing rights rose to SG$545.1 million from SG$544.1 million in December.
The countries infrastructure is still developing with growth in office buildings, commercial real estate and boutique hotels Singapore.
The south east Asian stock market has been badly hit recently. Singapore’s economy will be the worst-hit in the region, with the state’s government forecasting a contraction of up to 5 percent, which will be the highest on record.