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About Banking in Singapore

The World Economic Forum, in its report - The Global Competitiveness Report 2010–2011, has ranked Singapore at # 9 in terms of soundness of banks in the country. The Monetary Authority of Singapore (MAS) is the Central Bank of the country.

Singapore Banking in 2013

On February 25, 2013, the central bank, MAS, has announced imposing financing restrictions on Motor Vehicle Loans. However, on March 8, 2013, it exempted borrowers who are physically disabled or who are caregivers of the physically disabled from the financing restrictions on motor vehicle loans granted by financial institutions (FIs).

New coins

MAS announced it will be introducing new set of coins - the Singapore Third Series featuring the nations icons and landmarks - the Merlion, Port of Singapore, Changi Airport, Public Housing and Esplanade. The currently in use Second Series coins were first introduced in 1985 and featured local plants and flowers, depicting Singapore as a garden city.

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