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Article: Liberalising the Singapore Dollar During the Asian Currency Crisis: A Sound Move?
- Article from:
- Malaysian Journal of Economic Studies
- Article date:
- June 1, 1998
- Author:
CopyrightCopyright Malaysian Economic Association Jun-Dec 1998. Provided by ProQuest LLC. (Hide copyright information)
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1. Introduction
In efforts to turn Singapore into an international financial centre, the authorities have been undertaking various financial liberalisation measures since the late 1960s. One of the earliest and most significant steps towards the liberalisation of the Singapore financial markets was the creation of the Asian Currency Unit (or the Asian Dollar Market) in 1968 which allowed banks operating in Singapore to accept foreign currency deposits from non-residents and to lend them out to non-residents. Since then, the policy towards the admission of foreign banks into Singapore had been further liberalised. More substantive changes occurred after the establishment of the Monetary ...