What comprises our reserves?
What comprises our reserves?
Our reserves refer to the total assets minus liabilities of the Government and other entities specified in the Fifth Schedule under the Constitution.
min read Published on 31 Aug 2012

Our reserves refer to the total assets minus liabilities of the Government and other entities specified in the Fifth Schedule [1] under the Constitution.

Government Assets include:Government’s Liabilities include:
(i)     Physical assets like land and buildings;-
(ii)    Financial assets like cash, securities and bonds.(i)      Singapore Government Securities (SGS)
Issued for purposes of developing our domestic debt market and providing a risk-free benchmark against which other risky market instruments are priced off
(ii)     Special Singapore Government Securities (SSGS)
Government bonds issued to the CPF Board. CPF monies are invested in these special securities which are fully guaranteed by the Government. The securities earn for the CPF Board a coupon rate that is pegged to CPF interest rates that members receive.


Who manages our reserves?

Singapore’s reserves are managed by three agencies – the Government of Singapore Investment Corporation (GIC), Temasek Holdings (Temasek) and the Monetary Authority of Singapore (MAS).

Managing BodyProfileFundsAmount of Funds
Central Bank of SingaporeOfficial Foreign ReservesS$304 Billion
(as of 30 April 2012)

Investment company managed by commercial principlesTemasek’s own assetsS$198 Billion
(as of 31 March 2012)
Professional fund management organisationGovernment fundsWell over US$100 Billion

Why doesn’t Government reveal the overall size of our reserves?

It is not in our national interest to disclose the full amount of Singapore’s Financial Reserves. Full disclosure will make it easier for markets to mount speculative attacks on the Singapore dollar during periods of vulnerability. Furthermore, as a small country with no natural resources or other assets, our reserves are a key defence for Singapore in times of crisis. It would be unwise to reveal the full and exact resources at our disposal. Thus, confidential information of the exact figures must remain undisclosed as this is crucial to the survival of Singapore, especially in times of crisis.

Watch this video to find out more about our reserves!

Read more on Singapore's reserves: How MAS accumulates official foreign reserves

More information


[1] Fifth Schedule entities refer to key statutory boards and Government companies that are listed in the Fifth Schedule under the Constitution. Examples of Fifth Schedule entities are CPF Board, MAS, HDB, GIC and Temasek. The reserves of these entities are protected under the Reserves protection framework.

This article is accurate as of Aug 2012.