Up to 500 tonnes: MAS launches central bank gold vaulting service in Singapore
Foreign central banks, international financial institutions and sovereign entities can now store their gold reserves in Singapore through a new vaulting service launched by the Monetary Authority of Singapore (MAS) on Tuesday (Nov 10).It allows institutions to store gold in Singapore's national currency vault, which can hold up to 500 tonnes, with room for expansion as demand grows.MAS will also offer gold custody accounts to selected Singapore-based bullion banks to help them provide gold-related services and trading liquidity to foreign institutions.Speaking to the media, Deputy Prime Minister Gan Kim Yong said Singapore was not seeking to replace existing gold centres, but to provide central banks with an additional option to store their reserves.He added that there is already an interest in the service, but not disclose more details."Singapore has always been a financial hub, and we have built up very strong credibility among financial institutions as well as with our fellow central banks," he said.