Photo: straitstimes.com.
According to by Bloomberg. The effort is aimed at turning the city-state into an international gold storage center.
Suitable locations are being sought
Singapore’s central bank has allowed the use of existing facilities for gold storage, but has not confirmed the possibility of their expansion. Several sites are being considered for new storage facilities, including one near Changi International Airport.
Strengthening positions in the region
According to the World Gold Council, Singapore stores nearly 39,000 tons of the precious metal. This represents 18% of the total amount of gold ever mined. Capturing even a small share of this market could strengthen Singapore’s position in regional trade, where Hong Kong – the main place of import and export of precious metals in China – is strong.
Earlier, Singapore announced plans to develop services and products to boost precious metals trading, including a clearing system for OTC settlement. For this purpose, it is important to attract more central banks of other countries with solid gold reserves.
