Singapore’s Forex reserves at two-year high in May

Foreign exchange reserves in Singapore have risen to a new two-year high in May, the latest data by the Monetary Authority of Singapore showed on Friday.

Foreign exchange reserves grew to SGD 500.863 billion in May from SGD 500.307 billion in the prior month.

The latest figure was mostly driven by an increase in gold & foreign exchange to SGD 490.589 billion from SGD 489.976 billion in April.

In the meantime, IMF reserve position decreased to SGD 1.843 billion in May from SGD 1.849 billion in April.

In May last year, the nation’s Forex reserves were reported at SGD 441.334 billion.

The Singaporean Dollar was little changed on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3446.

Market focus now sets on the May report on US Non-Farm Payrolls for further clues over the Federal Reserve’s interest rate path.