SCMP Economy17 minutes agoBusiness1 min readChina

Singapore adds lustre to bullion hub with gold vault service for central banks

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The Monetary Authority of Singapore has opened a gold storage facility in the city state's national currency vault with capacity for 500 tonnes of gold, expandable as demand grows.
The service offers foreign central banks, international financial institutions, and sovereign entities a secure option to hold gold reserves in Singapore.

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Why It Matters

The Monetary Authority of Singapore operates the city state's national currency vault and has launched a gold storage service for foreign central banks, international financial institutions, and sovereign entities.

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The Monetary Authority of Singapore (MAS) said the facility, housed in the city state's national currency vault, could store 500 tonnes of gold but could expand that as demand grows.

The service will provide foreign central banks, international financial institutions and sovereign entities "with a secure option to hold gold reserves in Singapore", the MAS said in a statement.

Open Questions

When exactly did the facility open or become operational?
Which specific institutions have signed up to use the service?
What are the storage fees or terms for using the facility?

Singapore adds lustre to bullion hub with gold vault service for central banks

Quick Look

The Monetary Authority of Singapore has opened a gold storage facility in the city state's national currency vault with capacity for 500 tonnes of gold, expandable as demand grows.
The service offers foreign central banks, international financial institutions, and sovereign entities a secure option to hold gold reserves in Singapore.

AI-generated summary

Why It Matters

Font size

The Monetary Authority of Singapore (MAS) said the facility, housed in the city state's national currency vault, could store 500 tonnes of gold but could expand that as demand grows.

The service will provide foreign central banks, international financial institutions and sovereign entities "with a secure option to hold gold reserves in Singapore", the MAS said in a statement.

Open Questions

When exactly did the facility open or become operational?
Which specific institutions have signed up to use the service?
What are the storage fees or terms for using the facility?

Singapore adds lustre to bullion hub with gold vault service for central banks

Quick Look

Why It Matters

Open Questions

Related Topics

Singapore adds lustre to bullion hub with gold vault service for central banks

Quick Look

Why It Matters

Open Questions

Related Topics

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