Singapore legislation

Clause 24

of Currency Bill

Clause 24

External assets of Fund

The Fund shall consist of all or any of the following external assets: —

(a)

gold in any form;

(b)

sterling and other 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 external asset not included in paragraphs (a), (b) and (c) of this section, or any readily available international drawing facility, which the Board, after consultation with the International Monetary Fund and with the approval of the President, deems suitable for inclusion.

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