Regulatory Alerts2021-06-25
Added · Updated
Notice on Lending of Singapore Dollar to Non-Resident Financial Institutions
MAS Notice 757 governs the lending of Singapore Dollars by banks in Singapore to non-resident financial institutions, excluding individuals and non-financial entities. Banks may lend up to S$5 million per entity for any purpose; amounts exceeding this threshold require proceeds used outside Singapore to be swapped or converted to foreign currency upon drawdown, with specific exceptions for temporary overdrafts to prevent settlement failures and prohibitions on currency speculation. Banks must submit monthly reports of aggregate outstanding S$ lending to the Monetary Management Division within 10 working days and maintain documentary evidence for audit purposes.
More like this from MAS
We email you every new MAS publication the day it's published.