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Singapore: Staff Report for the 2013 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. Asia and Pacific Dept
Published Date:
November 2013
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Singapore—Fund Relations

(As of September 30, 2013)

Membership Status: Joined August 3, 1966; Article VIII

General Resources Account

SDR MillionsPercent of Quota
Quota1,408.00100.00
Fund holdings of currency (exchange rate)915.4765.02
Reserve tranche position492.7334.99
Lending to the Fund:
New Arrangements to Borrow164.40

SDR Department

SDR MillionsPercent of Allocation
Net cumulative allocation744.21100.00
Holdings873.13117.32

Outstanding Purchases and Loans: None

Financial Arrangements: None

Projected Payments to the Fund: None.

Exchange Arrangement

Singapore’s exchange rate is classified as “other managed.” The Monetary Authority of Singapore (MAS) monitors its value against an undisclosed basket of currencies and intervenes in the market to maintain this value within an undisclosed target band. The U.S. dollar is the intervention currency. Singapore has accepted the obligations of Article VIII, Sections 2, 3, and 4 and maintains an exchange rate system free of restrictions on the making of payments and transfers for current international transactions, except for restrictions maintained solely for the preservation of national or international security, which have been notified to the Fund in accordance with the procedures set forth in Executive Board decision 144-(52/51). Singapore maintains restrictions on Singapore dollar credit facilities to, and bond and equity issuance by, nonresident financial institutions. Singapore-dollar proceeds obtained by nonresident financial entities (such as banks, merchant banks, finance companies, and hedge funds) from loans exceeding S$5 million, or any amount for equity listings or bond issuance to finance activities outside Singapore must be swapped or converted into foreign currency upon draw-down. Financial institutions are prohibited from extending Singapore-dollar credit facilities in excess of S$5 million to nonresident financial entities if there is reason to believe that the Singapore-dollar proceeds may be used for Singapore-dollar currency speculation. In a bid to contain a real estate price bubble, Singapore imposed additional stamp duties on purchases by foreigners and corporate entities of residential properties in Singapore.

Article IV Consultation

Singapore is on the 12-month consultation cycle. The 2012 Article IV consultation discussions were held during May 18-25, 2012; the Executive Board concluded the consultation on July 30, 2012 (IMF Country Report No. 12/248).

FSAP Participation

The last FSAP Update involved two missions: April 3-17, 2013 and July 25-August 7, 2013. The main findings are presented in the accompanying Financial System Stability Assessment.

Technical Assistance: None

Resident Representative: Mr. Geoffrey Heenan will replace Mr. Ravi Balakrishnan and Ms. Jeanne Gobat.

Singapore—Statistical Issues

Assessment of Data Adequacy for Surveillance
General: Data provision is broadly adequate for surveillance. While the authorities have continued to expand the range of publicly available data, dissemination of more disaggregated data would enhance the basis for macroeconomic policy analysis, particularly in the external and fiscal areas.
National accounts: The Singapore Department of Statistics (DOS) has made improvements in data sources and methodology. The reconciliation of various national accounts estimates was conducted in 2006, resulting in lower statistical discrepancies. (DOS) has completed the rebasing of Singapore’s national accounts to reference year 2005.



Price statistics: DOS has completed the rebasing of the Consumer Price Index (CPI) to base year 2009. The CPI is rebased once every five years to reflect the latest consumption pattern and composition of goods and services consumed by resident households.
Government finance statistics: Information on government assets held abroad is neither published nor provided to the Fund. The government publishes annually partial information on the interest and dividends on these assets. Debt service payments on domestic debt made from the extra budgetary Government Securities Fund are published on an annual basis. Data on the financial position of the consolidated public sector are not published.
Monetary statistics: The Monetary Authority of Singapore has not submitted the standardized report forms (SRFs) for monetary statistics introduced in October 2004. The SRFs provide for accounting data to be broken down by instrument, sector, and currency.
Balance of payments: In February 2012, the DOS concluded the migration of the balance of payments accounts to the 6th edition of the Balance of Payments Manual. The main changes relative to the 5th edition include: reclassification of repairs on goods and goods for processing to services (from goods); reclassification of merchanting to goods (from services); and treating banks’ Asian Currency Units (ACUs) as residents (previously they were regarded as nonresidents, and hence their transactions were excluded from the balance of payments). Data on Singapore’s international investment position (IIP) is not provided on a disaggregated sectoral basis as suggested by the Balance of Payments Manual. Also, the IIP does not include all net foreign assets held by Singapore’s Government Investment Corporation, although all associated flows are included in the balance of payments data. The authorities reconfirmed their commitment to fully report the IIP data to the Fund by mid-2014.
Data Standards and Quality
Singapore provides data on a timely basis and meets all the SDDS specifications. These include the coverage, periodicity, and timeliness of the data; and the dissemination of advance release calendars; quarterly certification of the metadata posted on the Fund’s Dissemination Standards Bulletin Board; and provision of information to allow users to assess data quality.No data ROSC is available.
Singapore—Table of Common Indicators Required for Surveillance(As of October 15, 2013)
Date of

Latest Observation
Date

Received
Frequency of

Data6
Frequency of

Reporting6
Frequency of

Publication6
Exchange rates10/15/1310/15/13DDD
International reserve assets and reserve liabilities of the Monetary Authorities19/201310/2013MMM
Reserve/base money9/201310/2013MMM
Broad money8/20139/2013MMM
Central bank balance sheet9/201310/2013MMM
Consolidated balance sheet of the banking system8/20139/2013MMM
Interest rates210/15/1310/15/13DDD
Consumer price index8/20139/2013MMM
Revenue, expenditure, balance and composition of financing3—general government43/20139/2013AAA
Revenue, expenditure, balance and composition of financing3—central government8/201310/2013MMM
Stocks of central government and central government-guaranteed debt52013:Q29/2013QQQ
External current account balance2013:Q28/2013QQQ
Exports and imports of goods and services8/20139/2013MMM
GDP/GNP2013:Q28/2013QQQ
Gross external debt72013:Q29/2013QQQ
Net international investment position820122013AAA

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Official external debt is zero.

The reported number does not include the net foreign asset position of the Government of Singapore’s Investment Corporation.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

Official external debt is zero.

The reported number does not include the net foreign asset position of the Government of Singapore’s Investment Corporation.

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