Singapore's central bank (the Monetary Authority of Singapore, or MAS) has published its annual Financial Stability Review

Headlines via Reuters:

  • Says turning credit cycle poses risks to Singapore's banking system
  • Banking system's asset quality remains healthy but signs of increased credit risks
  • Banking system remains resilient amid uncertain external environment
  • Banks have strong capital, liquidity buffers to withstand severe shocks
  • Uneven growth, divergent monetary policies in G3 pose risks to financial stability in Asia and Singapore
  • Impending interest rate normalisation, external headwinds, slower domestic growth pose risks to households
  • Companies with forex exposures could face increased currency mismatch risks if market volatility persists

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The MAS seems sanguine in this outlook.