Singapore loosens dollar lending policy

Wed, 20 Mar 2002 | Source: AGENCIES

SINGAPORE: The government said Tuesday it would liberalize its Singapore dollar lending policy to allow international investors to participate more in the city-state's capital markets.

The new policy will allow individuals and companies from March 20 to borrow Singapore dollars for use overseas, said Deputy Prime Minister Lee Hsien Loong, who is also finance minister and head of the Monetary Authority of Singapore.

Banks and other financial institutions, however, will continue to be banned from lending more than S$5 million (US$2.75 million) to nonresidents if they have reason to believe the loan will be used to speculate on the Singapore dollar exchange rate. -- AP

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