[Teeth53]

CPF savings  = >  MAS. = >  GIC

Parliament on Tuesday passed a bill allowing the Monetary Authority of Singapore to buy a new type of non-marketable security issued by the government, known as Reserves Management Government Securities. 

The new mechanism will be used 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.