Singapore legislation

Section 22

External assets of Currency Fund

Amended by11/823/91

The external assets of the Currency Fund shall consist of all or any of the following and they shall at all times be not less than 100% of the face value of the currency issued by the Board:

(a)

gold and silver in any form;

(b)

foreign exchange in the form of —

(i)

demand or time deposits with the Board’s agents or correspondents abroad;

(ii)

documents and instruments customarily used for the making of payments or transfers in international transactions;

(iii)

bank balances and money at call;

(iv)

Treasury Bills;

(v)

notes or coins;

(c)

securities of or guaranteed by foreign governments or international financial institutions;

(d)

any readily available international drawing facility which the Board, after consultation with the International Monetary Fund and with the approval of the President, considers suitable for inclusion;

(e)

any other asset which the Board, with the approval of the President, considers suitable for inclusion.

Read in full context — Currency Act →