Singapore Government quietly spent S$45.6 billion from National Reserves to maintain

[makapaaa]

http://statestimesreview.com/2015/0...national-reserves-to-maintain-currency-value/

[h=1]Singapore Government quietly spent S$45.6 billion from National Reserves to maintain currency value[/h]admin / 2 days ago June 12, 2015


According to a report by DBS, the Singapore Government has spent S$45.6 billion from the National Reserves quietly since July 2014. It is unknown if President Tony Tan has approved or even aware of these withdrawals either. Singaporeans are only informed of the news from today’s media reports carried by a non-government news website, Singapore Business Review.
Quoting the report, it said:

“In six short months, reserves have fallen by the equivalent of 11% of a full year’s GDP. Little wonder the central bank eased back on the appreciation path in late-January, Further easing will be necessary if reserves don’t stop falling,”
​

The Singapore Government has a policy of non-transparency and non-accountability to Singapore citizens, and even the Finance Minister Tharman Shamugaratnam himself affirmed this during a media interview in 2009:

“People do want to know, there is curiosity, it is a matter of public interest. That (Public interest) is not sufficient reason to disclose information”
​

As the government and its two sovereign wealth fund companies refuse to declare their assets (which in essence are Singaporean assets), they have attracted many questions and suspicions especially in today’s internet age. However, many are becoming afraid to ask more questions about the CPF and Singapore’s National Reserves today because the Prime Minister has successfully sued an internet blogger for asking questions about the CPF that suggest the Prime Minister and his wife, the CEO of Temasek Holdings, are round tripping the Singaporean retirement fund the same way like City Harvest Church did.
Photo of CPF building from sdp

Today, Singaporeans only found out that S$45.6 billion have been spent to “prop up” the national currency after 11 months. There is no check and balance from the public to ensure that these billions are indeed spent for what it was announced for. In 2011, former Prime Minister Lee Kuan Yew issued a word of caution about touching the reserves (see video):

Do you think it is right for the Singapore Government to continue dipping into the reserves without informing Singaporeans?

 

[frenchbriefs]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

$45 billion wtf,thats enough to give each sinkie $9000 in foreign currency.whats the point of propping up the useless currency and depleting our reserves?

 

[laksaboy]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

I thought someone said that Lee Hsien Loong's rule has been a huge success?

 

[tanwahtiu]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

no wonder Ho Jinx take 3 months headache leave.

 

[Rockaria]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

Printing money is another alternative.

 

[dr.wailing]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

no wonder Ho Jinx take 3 months headache leave.

Nice try but incorrect.

Ho Jinx has been mandated by Old Fart to help distribute his 10+ billion USD assets among his three children. She took leave to do exactly just that.

 

[PAPSucks]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

Emperor Lee Mai Hum's reign soon would come to an abrupt end. Let's hope it's at the hands of the hundreds of thousands of NS men who have suffered through the discriminatory NS system.

 

[Kuailan]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

no wonder Ho Jinx take 3 months headache leave.

The Jinx over spend CPF money lost Billion not even one White scum dare to voice out in ParLeement!

Every White scum just kept quiet as thou nothing has happened!

If any peasant dare to mentioned eg Roy he'll be sued and sure to lose

and asked to pay defamation law suit.....till u Bankrupt!

Poor Pioneer peasants now feel happy given $50.00 Transport allowance from gahmen

this is only a mouth wipe, where billion are suck away from the Pioneers!!

Pioneers must consciously noted that their actual CPF money are shrinking

gahmen keep extending the age just to collect few hundred dollars monthly!!

Whereas white scum are paid millions!!

 

[gingerlyn]

Re: Singapore Government quietly spent S$45.6 billion from National Reserves to main

please see this cunt statement.

the singapore dollars is strong because of PAP.
if opposition take over, i bet malaysian dollar will go back to parity.