He calls it the "Singapore Premium". Prime Minister of Singapore, Lee Hsien Loong, considers his country's reserves a great source of comfort and reassurance, the saving grace in times of crisis. It will be their cashbox that they can dip into to avert a calamity. Singapore has an extensive national reserve that it considers a rainy day fund, an inheritance from the nation's forefathers who prudently saved for the future so that even without the privilege of natural resources, it would be substantial in helping to survive a crisis. In managing its national reserves, two sovereign reserve funds, Temasek and the GIC, were created by its leaders, unique models in Asia to grow its reserves by expanding its global portfolio. During an interview with CNA for a two-part documentary “Singapore’s Reserves Revealed”, Prime Minister Lee Hsien Loong spoke on the role of the country’s leaders, beginning with independence, and since then, how successive governments have pivoted towards consolidating the protection mechanisms around the country’s reserves so that by protecting them and growing them, the country has a formidable surety to turn to in times of crises while also strengthening the constitution to prevent its misuse.
Solidifying its Reserves
This story is from the September 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
DFCC Bank and Mintpay Forge Ahead with an Innovative Partnership
DFCC Bank has forged a strategic alliance with Mintpay.
HNB and 3DH Building Solutions Collaborate
HNB entered into a fresh agreement with 3DH Building Solutions to promote and offer financing solutions for FMT Generators and GLARIE elevators.
PLC Al-Safa - Shariah-Compliant Finance Expanding Nationwide
Since 2005, People’s Leasing & Finance PLC (PLC) AlSafa Unit has served as Sri Lanka’s full-service nonbanking Islamic finance provider.
People's Bank Spearheads a Digital Revolution
As part of its comprehensive digitalization strategy, People’s Bank has introduced a range of innovative solutions focused on enhancing accessibility and convenience for customers nationwide.
HNB Partners with Micro Cars for Vehicle Offers
HNB entered a strategic partnership with Micro Cars to offer unparalleled benefits and offers to customers intending to purchase vehicles from Micro Cars.
HNB Honored at BCCSA 2023
HNB has once again been honored at Ceylon Chamber of Commerce Best Corporate Citizen Sustainability Awards 2023, solidifying their position as one of the nation’s leaders in sustainability, good governance, and corporate excellence.
People's Bank and EDB Forge Strategic Alliance to Boost Sri Lanka's Export Sector
The Sri Lanka Export Development Board (SLEDB) and People’s Bank have formed a strategic partnership by signing a Memorandum of Understanding (MOU).
People's Bank Re-Launches SPARK: Entrepreneurial Development Program to Boost Sri Lankan SMEs
People’s Bank is excited to announce the re-launch of its SPARK Entrepreneurial Development Program, aimed at bolstering young entrepreneurs and supporting the growth of small and medium enterprises (SMEs) throughout Sri Lanka.
HNB Recognized for Digital Payment Innovation at LankaPay Technnovation Awards 2024
HNB was awarded three accolades at the LankaPay Technnovation Awards 2024.
HNB Appoints Sanjay Wijemanne as its New Chief Operating Officer
Hatton National Bank has appointed Sanjay Wijemanne as the bank’s new Chief Operating Officer (COO) with effect from April 26, 2024.