What are Singapore's reserves?
Singapore's reserves refer to the total assets minus liabilities of the Government and other entities specified in the Fifth Schedule under the Constitution.
Government Financial Statements
The Statement of Assets and Liabilities reports the Government’s financial assets and liabilities but is not a measure of national reserves. It reflects how assets are held in various funds.
Our assets and liabilities
MAS accumulates Official Foreign Reserves (OFR) when managing the Singapore dollar. Excess OFR is transferred to the Government via Reserves Management Government Securities (RMGS) for long-term investment, without money creation or fiscal spending.
Net Investment Returns Contribution
The Net Investment Returns Contribution (NIRC) allows the Government to spend up to 50% of expected returns on reserves, supporting sustainable budgets.
What are the reserves used for?
Singapore's reserves support crisis spending, contribute to public spending, back CPF interest rates and finance land projects.
Why do we grow our reserves?
Growing our reserves prudently ensures that Singapore can continue to meet growing needs and challenges, and provides us a strong buffer to weather future crises.
Who manages the reserves?
Learn about the entities managing our reserves: MAS, GIC and Temasek.
How are Past Reserves protected?
The President safeguards Singapore’s Past Reserves through veto powers, access to full financial data, and oversight of key appointments, ensuring accountability under the constitutional “Two-Key” system.