Maintaining stable Singapore dollar not GIC’s function

GIC manages government reserves and CPF monies. Its aim is to generate long-term real returns above global inflation by investing 100% in overseas investments.

Forex intervention and maintaining a stable Singapore dollar is done by MAS, not GIC.

However, Singaporeans have been told that GIC is unable to disclose the size of Government funds it manages to deter speculative attacks on the Singapore dollar:

MOF

The above is of course a fake reason.

In fact, MAS has too much ‘firepower’ to deter any ‘speculative attacks on the Singapore dollar during periods of vulnerability’.

So much so that MAS will be transferring $45 billion to GIC! (BT)

Without transparency, no one really knows what has happened to hundreds of billions of state reserves and almost $400 billion in borrowed CPF monies managed by GIC.

It is likely that when CPF rules are frequently tweaked to channel billions to GIC,  something is terribly amiss.

Is the latest $45 billion transfer from MAS, out of the blue, an attempt to conceal massive investment losses as many have speculated?

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

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14 Responses to “Maintaining stable Singapore dollar not GIC’s function”

  • Bystander:

    Our fears of massive losses sustained over the years by GIC have materialized. Such a big transfer of moneys like a lightning bolt from the sky gives us a shudder.
    OMG, giving PAP continuous mandate to rule bringing us to hell?
    What’s happening to our CPF savings? Why GIC needs so much money?
    Why Govt keeps so quiet?

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  • oxygen:

    YES, PAPpypolitics IS VERY SECRETIVE of its investments in foreign assets – even at one time denied in Parly that it has any investment booked in its balance sheet assets and liabilities…..Until I stumbled upon this by chance hunting for investment opportunity in 2014 in uranium shares.

    ” GIC IS A SUBSTANTIAL SHAREHOLDER OF AUSTRALIAN-LISTED uranium producer – Paladin Energy Ltd. Botak denied in Parliament that GIC has any investment in its book either as asset or liability.

    HE IS PROVEN INCORRECT. Here is my proof.

    http://www.asx.com.au/asxpdf/20130814/pdf/42hnqk7kv7pw9b.pdf

    This investment lost a lot of money in book value term relative to GIC entry price but GIC has NOT sold out a single share. Uranium stocks around the world lost a lot of market value after Fukushima…..”

    https://www.facebook.com/PeopleForTrueRuleOfLaw/posts/oxygenaugust-11-2014-at-931-am-quotegic-is-a-substantial-shareholder-of-australi/819011848132218/

    With the financial restructuring (bondholders eating up 90% of equity in exchange) that has gone through Paladin Energy, GIC’s investment value in Paladin Energy is as good as a complete wipe-out now.

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  • MarBowling:

    Cookie Jar of GIC is managed by Half Fools and most likely it’s only Half Empty NOW, which is WHY MAS need To TOP it UP with S$45 billions recently. Mai Hum is its Indian Chief with loads of cronies and buddies helping him to scoop up toxic overseas investment products resulting in massive losses. Now you know WHY they need to keep on shifting the CPF withdrawal goal post and TIE UP MOST OF YOUR CPF FUNDS INTO PAYING LOONG TERM MORTGAGE LOANS FOR THE ARTIFICIALLY HIGHLY INFLATED HDB FLATS! This is the Mother of all PONZI SCHEMES, PERIOD!

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  • LIONS:

    Transfer some more to GIC?
    When wiĺl GIC return the money to govt from the gains they made in foreign investments so that the govt can RETURN OUR CPF?

    Even HEDGE FUNDS return money plus profits to investors?

    When will GIC RETURN THE MONEY THEY TOOK FROM MAS=GOVT OR NEVER?

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  • I like lyCHEE, hate LOONGan:

    That’s why some people die die must get a kaki lang to disown her roots to be that most important but fake jagar.

    That’s why the honourable Dr Tan Cheng Bock wants to re-enter parliament to seek accountability and transparency over the reserves and CPF from the govt.

    That’s why singaporeans must vote for Dr Bock and other oppo members to seek the truth for the people.

    PAP can tweak PE rules to block Dr Bock but they can’t block voters from sending him and others to parliament to question the pap. The votes are in our hands!

    Though opaque now, as dark as night, if singaporeans were to vote out as many whites as possible, there’d surely be transparency very soon. To see the light at the end of the tunnel, singaporeans just have to wake up and use our votes to get rid of the greedy liars.

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  • patriot of TUMASIK:

    Thank YOU!!! Philip, for HIGHLIGHTING the FakeNess of this Govt’s BullShit…

    HOPEFULLY, it will Peel open the eyes of the Sheep who has stamps covering their eyes …STAMP of Approval from the Fakes

    The Commonsense “THINKERS” Not easily Fooled by a man name ConYOU are well AWARE but for the Silly Sheeple, we are DOOMED by the BullShit(CONstipated) Hard Truth of Lies from the father of Lies the man name Lie Con You!!!

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  • RDB:

    Aiyah! Sneaky characters are just that what! No meh? LOLLL…

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  • C’est la vie:

    *****
    When members of any Govt, … are confident and assured, that whatever they say in their official capacity, … will never be challenged, checked or castrated for, … the obvious ensues.

    Besides, if it’s citizens are not bovvered in the least and neither possess the intellect nor courage, … they are then, wholly deserving of being exploited and taken full advantage of !!!
    ***
    *****

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  • No Dafts or Dogs Allowed:

    Exactly my sentiments when this was first announced.
    Why shore up GIC for further risky investment when the global economy is precariously uncertain with US-China trade wars escalating? Also who can predict what an erratic Trump will do next?
    Is GIC trying to fish in troubled waters and ended losing more money as before like what our track records had shown. Or this scenario had already happened?

    Disclaimer: I cannot be held responsible for the opinions above, as apparently one of my dogs has learned how to type.

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  • HDB flats worth ZERO at 99:

    Is GIC planning to buy more UBS shares? Didn’t it already lose billions on it? Does it want to average down?

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  • Cronyism: fundamental flaw:

    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone … By a continuing process of inflation, government can confiscate – secretly and unobserved – an important part of the wealth of their citizens.”

    - John Maynard Keynes

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  • why guy:

    Philip Ang
    why MAS transfer 45billion to GIC?

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  • Dr. Chan:

    @Phillip Ang
    GIC where got loose money one. Must be careful, don’t anyhow spread fake news leh.
    Only ministers can say got loose money or not. So far, they only say make a lot money.
    Therefore, it has to be the truth lah.

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  • William C:

    The size of our reserve are disclosed to everyone through their representative aka selected president HY.

    And it may take 50 man years to consolidate.

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