Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Related Stories 

January 4, 2009
Creative Tech layoffs half its workforce in 2008
 

January 2, 2009
Singapore: Economy shrinks 12.5% in Q4

December 27, 2008
Singapore to release advance Q4 GDP data on Jan 2

December 24, 2008
Singapore likely to let currency weaken as economy sags

December 17, 2008
Singapore sees lower-than-forecast growth in 2008

December 6, 2008
Singapore: Years of slow growth to follow recession 

November 25, 2008
Global Crisis Impact:
Singapore PM, ministers take pay cut

November 22, 2008
Singapore's state firm plans pay cuts

November 16, 2008
Singapore: Retrenchment shouldn’t be the first resort to cut costs 

November 2, 2008
Global crisis hits jobs in Singapore

October 26, 2008
Singapore’s top leader: World economy to recover in 3 to 5 years

 

 


January 19, 2009

Singapore may have to turn to reserves amid recession
Singapore is considering dipping into its foreign reserves for the first time to help tackle an economic slump, reported Reuters quoting the Business Times newspaper report Monday.

Senior Minister Goh Chok Tong said that Prime Minister Lee Hsien Loong and Finance Minister Tharman Shanmugaratnam are considering whether to make the move, after a plunge in Singapore's trade pointed to a gloomier economic picture.

"It's a difficult decision -- because once you do that, you open the reserves to future demands which may not justify the use of the reserves," Goh, a former prime minister, told reporters on Sunday, the newspaper said. "We've always said 'the reserves are for a rainy day'.

If this is not a rainy day, I don't know what is a rainy day," the newspaper quoted Goh as saying. Thirty percent of the cranes at the Port of Singapore Authority were sitting idle, he noted.

Singapore's foreign reserves totalled $174.2 billion in December, the central bank said earlier this month. The central bank steers monetary policy by managing the Singapore dollar within an undisclosed trading band. Asked how much should be drawn from the reserves, Goh said it depended on the measures that would justify the use of the reserves.

Singapore will announce on Thursday a budget that is expected to be expansionary. Goh said the focus would be on saving jobs, after the export-dependent country was the first in Asia to fall into recession last year.

Many governments around the world have launched massive economic stimulus plans in recent months a bid to stave off more job losses and prevent an even deeper and longer recession. Both the United States and Britain are expected to announced further spending plans this week.

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com