on Jan 11, he underlined the potential costs of an undervalued Singapore dollar.
“That’s where the constant conversions came in. At the time, the pound was super-strong , and to be safe, I recall multiplying everything by 3, and subtracting just a tiny amount. To stretch the budget, we would load up during breakfast , and went for buffets that would make up lunch and dinner. The bottom line was, currency was often a killer,”At the time, Singapore’s exchange rate was weak “because our economic fundamentals could only support an exchange rate at a relatively lower rate”.
“Weak exchange rates allow elevated prices on imports – especially food and fuel – to translate into higher sticker prices that we all face,” wrote Prof Lim. That’s why he raised the issue in Parliament, he said. The House recently debated a Bill allowing MAS to transfer excess foreign exchange reserves to the Government Investment Corporation to manage.
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