MONETARY AUTHORITY OF SINGAPORE (Aid given to help Thai currency)

Mr J. B. Jeyaretnam asked the Minister for Finance what was the aid given by the Monetary Authority of Singapore to help the Thai currency.

The Minister for Finance (Dr Richard Hu Tsu Tau): Mr Speaker, Sir, the Monetary Authority of Singapore (MAS) assisted the Bank of Thailand by intervening jointly in the foreign exchange market to stabilise the value of the Thai baht on 14th May 1997 when the baht came under speculative attack. Like other central banks, the Bank of Thailand and MAS' officials consult regularly on central bank related matters. And the proceedings of these meetings and the details or market transactions are necessarily confidential to the authorities.

Mr J. B. Jeyaretnam (Non-Constituency Member): Sir, the Minister says it is confidential. May I know whether any loss was suffered as a result of this intervention? Or is that confidential?

Dr Richard Hu Tsu Tau: No, that is not confidential at all. No loss was suffered.