SINGAPORE (Reuters) – Singapore’s central bank on Monday urged banks to keep their finances strong and resilient to “shocks”, in the event of a sudden increase in unemployment and corporate defaults due to a surge in unemployment. COVID-19 pandemic.
The Monetary Authority of Singapore (MAS) said: “Although the economic outlook has improved recently, there is still a risk of further deterioration in the ability of individuals and companies to repay their debts, if the The pandemic continues to cause prolonged disruptions to economic activity, the Monetary Authority of Singapore (MAS) said. annual financial stability assessment.
“Unemployment rates and business defaults can spike …… so banks should continue to be cautious in managing their balance sheets, to ensure that their capital position they have always been firm and resilient to shocks as they continue to support the economy in the later stages, MAS said.
With the recent arrival of the new COVID-19 variant Omicron, Singapore has delayed its reopening plan https://www.reuters.com/world/asia-pacific/singapore-hold-off-further-reopening -evaluate-omicron -variant-2021-11-30. The Singapore government’s coronavirus task force said it would assess the Omicron variant before making any new moves.
(Reporting by Chen Lin in Singapore; Editing by Ed Davies)
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