Emerging Markets Rates and Currencies Handbook

40 Citi | Emerging Markets Currencies Handbook 2021 SINGAPORE (SGD — Singapore Dollar) Citi in Singapore Citi has been in Singapore since 1902 and is deeply embedded in Singapore’s financial services sector. Represented in nearly every asset class, Citi Singapore is one of the largest banking employers in Singapore. As a service center for Citi in Asia Pacific, Singapore hosts a number of Citi’s state-of-the-art processing hubs and data center, serving various businesses in more than 30 countries around the world. Globally, Singapore is a significant hub for Citi. The country houses a number of our regional and global client coverage and product units, and it is home to many of our Asia and ASEAN leadership teams. Our Changi site is also home to the Citi Innovation Lab for Treasury and Trade Solutions and Citi Solutions Center (CSC), which houses our bank’s Operations and Technology (O&T) function that provides round-the-clock support for our businesses in Singapore and across the region. Market Overview The Monetary Authority of Singapore (MAS) functions as Singapore’s central bank and operates a managed float against a currency basket comprising of the currencies of major trading partners. FX Market liquidity is generally good. MAS uses primarily FX tools in the management of monetary policy and inflation, controlling the width, midpoint and slope of the crawling band. Interest rates in Singapore are largely determined by foreign interest rates and market expectations of the future movements in the Singapore dollar, with a well-developed and liquid market in interest rate cash instruments and derivatives. The ABS-SFEMC have identified the Singapore Overnight Rate Average (SORA) as the alternative interest rate benchmark for the Singapore Swap Offer Rate (SOR) and have set out a roadmap for this transition.