While the assessment is unable to incorporate the unique characteristics of individual countries, the US Treasury has indeed acknowledged in its Report the uniqueness of Singapore’s exchange-rate based monetary policy system. Singapore’s inclusion in the US Treasury Report has no direct consequences for the economy or the conduct of MAS’ monetary policy. MAS will continue to manage the $ as we assess to be appropriate, for price stability. We will also continue to engage in constructive dialogue with the US Treasury to explain the underlying structural factors which impinge on our current account and MAS’ FX interventions. The sustained accumulation of OFR over the years meant that MAS’ stock of OFR was in excess of what was needed to conduct our exchange rate-centred monetary policy. MAS has assessed that OFR equivalent to at least 65% of GDP would provide a sufficiently strong buffer against stresses in the global economy and financial markets. Our OFR, at the end of Q1 2019, was more than 80% of GDP. We therefore decided to transfer $ billion from OFR to the Government for investment on a longer-term basis with expected higher returns. In return, the Government will reduce its deposits with MAS by the same amount. This means that MAS’ balance sheet will show a reduction in foreign assets of $ billion and an equivalent reduction in its domestic liabilities to the Government. MAS made a net profit of $ billion in FY2018/19. The investment return from the OFR was $ billion.
The transition to a netzero economy can only be achieved with a committed and concerted effort across the public and private sector. I wish all of you a fruitful discussion ahead. 3/3  BIS central bankers' speeches