Singapore's National Reserves (CXSG IG)
📸: Exclusive footage of the vault (Credit to: CNA YouTube)
Our national reserves — often described as our rainy-day fund, an endowment for the future, and even our country’s “secret weapon” — have made it possible for Singapore to emerge from the 2009 global financial crisis relatively unscathed, and why Singapore was the first in Asia to secure the Pfizer-BioNTech’s COVID-19 vaccine so quickly during the COVID-19 pandemic.
Our reserves are not just for emergencies, they also provide for today’s needs that benefit all of us right now. This is because our reserves are used in a variety of ways, including managing the cost of imported goods by intervening in foreign exchange markets, or funding public infrastructure and land reclamation projects, such as the Tuas Port. When we use past reserves to create new land, the land is also protected as past reserves - it’s essentially a conversion of assets from finance to land, and then back to finance.
Catch the @channelnewsasia series to dig deep into a treasure trove of information on our nation’s reserves and why we must safeguard it.
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