Regulatory Alerts2004-05-28
Added
MAS Notice 757 – Lending of Singapore Dollar to Non-Resident Financial Institutions
The Monetary Authority of Singapore issued revised Notice 757 to liberalize policies governing the lending of Singapore Dollars to non-resident financial institutions. The update exempts non-resident non-financial issuers from currency conversion requirements for SGD proceeds and allows temporary overdrafts on vostro accounts to prevent settlement failures. Additionally, the policy was renamed to accurately reflect its scope and now includes requirements for submitting monthly returns to safeguard against speculation.
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