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5. However, this Bill opens up the possibility of the Government accumulating foreign reserves through simply getting MAS to print Singapore dollars. This is effected through Clause 2 of this Bill which deletes and substitutes section 23(6) of the MAS Act to allow the MAS to subscribe to the Reserve Management Government Securities (RMGS) although section 23(5) states that MAS shall not directly subscribe for any securities issued by the Government or any public authority. Hence this is a major change in the conduct of our monetary policy. In layman’s terms, while MAS cannot do quantitative easing in the past, it can potentially do so if this Bill is passed. So we have to bear that in mind.

>> while its bad idea to print money... how can Singapore keep using our "saving" to fight this pandemic when all other countries are just printing money..... If Singapore does not print money and keep refuse (or cannot) to let sgd go up then we are essentially throwing our saving away.... the key is what do we do with all the new "foreign money" coming in........ we can recycle to buy up the whole world like what the JPN and China did.....