The Monetary Authority of Singapore (MAS) has a long-standing policy of controlling bank lending in Singapore dollars to nonresidents and to residents who use the funds outside Singapore. While the control may prevent the internationalization of the Singapore dollar and contain exchange rate...

The monetary Authority of Singapore (MAS) has a policy of controlling bank lending in Singapore dollars to non-residents and residents outside Singapore. One of the objectives of this MAS policy is to discourage speculation against the Singapore dollar in times of currency crisis. The present...