[watchfirst9]

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to bring down the level of foreign reserves held by the central bank — currently about S$566 billion (US$419 billion) — to a rate equal to 65% to 75% of gross domestic product. The rest would be run by GIC.

The result could be a huge injection of funds for GIC, already one of the world’s biggest asset managers. Finance Minister Lawrence Wong said about S$185 billion would need to be transferred in phases to reach the optimal reserves amount, without specifying how long that would take.

Wong added it would be “inefficient” for the Monetary Authority of Singapore to hold on to official foreign reserves beyond its needs, “because returns on the OFR will be limited by MAS’s relatively safer and more liquid investment posture”.

How Bloomberg knows these when our president unable to know it