BSP Circular No. 171 (1998)
LIMIT ON BANK'S SHORT OR OVERSOLD FOREIGN EXCHANGE POSITION
(NAR) VOL. 9 NO. 4 / OCTOBER - DECEMBER 1998
[ BSP CIRCULAR NO. 171, August 29, 1998 ]
LIMIT ON BANK'S SHORT OR OVERSOLD FOREIGN EXCHANGE POSITION
Please be advised that pursuant to Monetary Board Resolution No. 1214 dated August 26, 1998, the existing limit on a bank's short or oversold foreign exchange position, presently set at 20% of its unimpaired capital, is hereby lifted. The lifting of this limit is temporary and subject to review within six months from date of this Circular. The limit set on a bank's long (overbought) position, however, remains at 5% of its unimpaired capital or US$10 million, whichever is smaller. This amends Circular No. 137 dated July 31, 1997 and shall take effect immediately. Adopted: 29 Aug. 1998
(SGD.) GABRIEL C. SINGSON Governor