IMF Staff Country Reports

Singapore: Selected Issues

Publication Date:

May 5, 1999

Electronic Access:

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Summary:

This Selected Issues paper presents a background and recent policy developments for Singapore’s financial sector. The paper highlights that in 1968, important tax and regulatory incentives were introduced to attract foreign investment in the financial sector and boost financial sector activity. In particular, the government catalyzed the development of Asian Currency Units (ACUs) by exempting nonresident depositors from withholding tax on ACU deposits. The paper also examines the impact of the external environment on economic activity in Singapore. Competitiveness issues are also discussed.

Series:

Country Report No. 1999/035

Subject:

Balance of payments Banking Economic sectors Export performance Exports Financial sector Foreign direct investment Foreign exchange International trade Real exchange rates