Singapore's Financial Institutions are Well Regulated

SINGAPORE: Singapore's financial institutions are well capitalised and regulated by the Monetary Authority of Singapore (MAS), says Finance Minister Tharman Shanmugaratnam.

He was speaking to reporters on Sunday at a community event where he joined Muslims to break fast.

Mr Tharman said: "We are glad that overall, if you look at what is happening in Singapore compared to other financial centres, confidence in the market has been retained."

But Mr Tharman said a technical recession - defined by two consecutive quarters of economic contraction - is possible in Singapore.

Nonetheless, he cautioned that it is important for Singapore not to have any knee-jerk reactions, and to continue to monitor the global financial situation closely before announcing any plans.