Fed Swap Line Redux

I mentioned the Fed's swap line to Singapore in a previous post.

The Straits Times picked up the Fed release and published it in today's paper.

MAS has explained that the swap line is a precautionary measure, which is a reasonable explanation given what I, and many believe, to be the stability of our local banks. Having a swap line also means that the Singapore financial system is not disadvantaged vis-a-vis many of the Western European countries that have exising swap arrangements with the Fed. That's all good news indeed.