Regulatory Alerts2004-05-28
Added · Updated
MAS Notice 757 – Lending of Singapore Dollar to Non-Resident Financial Institutions
MAS Notice 757 governs the lending of Singapore Dollars by banks to non-resident financial institutions, replacing the previous notice dated 20 March 2002. Banks may extend S$ credit facilities up to S$5 million per entity for any purpose, while amounts exceeding this threshold require conversion to foreign currency if used outside Singapore, with specific exceptions for temporary overdrafts and prohibitions on currency speculation. Banks must submit monthly aggregate outstanding lending reports to the Monetary Management Division within 10 working days after the reporting month and maintain documentary evidence for audit purposes.
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