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Singapore c.bank may guarantee deposits - report
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ppl_frankie
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15-Oct-2008 08:41
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SINGAPORE, Oct 15 (Reuters) - The Monetary Authority of Singapore (MAS) may guarantee all Singapore deposits to ensure local banks are not disadvantaged by similar moves in other countries, the Straits Times reported on Wednesday quoting banking sources. The sources said while local banks have not been hurt by the global credit crunch, MAS will likely follow Hong Kong's move to guarantee bank deposits until 2010 to ensure rich Asians do not transfer their money to the former British territory. In a statement late on Wednesday, Singapore's central bank said: "MAS is assessing the impact of the extraordinary measures taken elsewhere." |
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