Government Securities (Debt Market and Investment) Act 1992 · 2020 Revised Edition · Part 3A · Reserves Management Government Securities
15A. Limit on issue of RMGS to Authority
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In return for the issue of reserves management Government securities to the Authority under this Part, the Minister may, subject to subsection (2), accept from the Authority foreign reserve assets of an amount which the Authority considers is in excess of its requirements for performing its functions and duties in the conduct of monetary policy.
Government securities
“Government securities” means stocks, bearer bonds, book‑entry Government securities or other securities which may be issued under this Act;
The total amount of reserves management Government securities issued under this Part and not redeemed must not at any time exceed $580,000,000,000, or any higher amount specified in a resolution of Parliament with which the President concurs in the President’s discretion under Article 144(1)(a) of the Constitution.
In applying subsection (2) —
any foreign reserve assets accepted under subsection (1) in exchange for any RMGS issued must be converted into Singapore dollars at the appropriate rate of exchange on the first working day immediately before the RMGS is issued; and
any foreign reserve assets transferred to the Authority on redemption of any RMGS must be converted into Singapore dollars at the appropriate rate of exchange on the first working day immediately before the day the RMGS is redeemed.
The valuation of any foreign reserve assets that are not in the form of cash must be determined solely by or on behalf of the Minister, and not the Authority.
RMGS must not be issued to a person other than the Authority.