MAS records $7.4b loss in FY21/22

Lower investment gain was among the factors that led to the loss.

The Monetary Authority of Singapore (MAS) recorded a loss of $7.4b in FY21/22, the central bank's Managing Director, Ravi Menon, disclosed.

In his speech at the MAS Annual Report media conference, Menon said the loss was due to lower investment gains.

Investment gains on the official foreign reserves were at $4.0b.

Other factors which led to the loss were a large negative foreign exchange translation effect of $8.7b, and higher interest expenses on domestic money market operations which also led to an increased total expenditure of $2.8b.

Menon said concerns over monetary policy tightening by central banks and geopolitical tensions weighed heavily on global financial markets last year, which is why MAS is tightening its policy in a "series of well-calibrated steps."

"Taming inflation is like trying to slow down a speeding car on a gentle slope. It takes a combination of forcefulness and calibration.

"If you do not depress the brakes early enough or hard enough, you cannot break the speed momentum – likewise, monetary policy needs to act early and decisively. But if you jam the brakes too hard, the car may skid or even topple over – the economy may go into a recession," Menon added.

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