The Untold Story of Singapore's Reserves: From Letters to Crisis

💡The National Archives of the United Kingdom hold secret letters that shed light on Singapore's Reserve history.

🌍Singapore's reserves played a vital role in shielding the nation during global financial crises and the COVID-19 pandemic.

🏦The government's prudent fiscal management and drawdown from past reserves helped fund measures to support the economy during crises.

🔒Safeguards were implemented to ensure responsible drawdowns from past reserves, requiring approval from the president and the Council of Presidential Advisors.

💼Fiscal policy teams closely monitored economic indicators and made adjustments to relief measures in response to the evolving crises.

What are the secret letters from the late 1960s?

—The secret letters are a collection held by the National Archives of the United Kingdom that reveal pivotal moments in Singapore's Reserve history.

How did Singapore's reserves shield the nation during crises?

—Singapore's reserves provided the necessary funding for measures that supported the economy during global financial crises and the COVID-19 pandemic.

How were the government's fiscal management and past reserves connected?

—The government's prudent fiscal management allowed for the accumulation of past reserves, which were drawn upon to fund measures during crises.

What safeguards were implemented for drawdowns from past reserves?

—Safeguards require approval from the president and the Council of Presidential Advisors, ensuring responsible use of past reserves.

How did fiscal policy teams respond to crises?

—Fiscal policy teams closely monitored economic indicators and made adjustments to relief measures to address the evolving crises.

00:01Deep within the National Archives of the United Kingdom, secret letters from the late 1960s shed light on Singapore's Reserve history.

05:48During the global financial crisis, Singapore drew down its reserves to shield the nation from the worst fallout.

08:35In 2009, Singapore faced a similar crisis and made another drawdown from past reserves to support the economy.

10:42The COVID-19 pandemic led to the largest drawdown from past reserves, funding relief measures and supporting the economy.