Singapore’s Forex Reserves Fall to an 11-Month Low

Foreign exchange reserves in Singapore decreased to SGD 526.25 billion in February 2026 from a nearly four-year high of SGD 529.11 billion in the previous month. This marked the lowest amount since November last year, driven by declines across all reserve components, mainly for gold and foreign exchange reserves, which fell to SGD 516.24 billion from SGD 519.04 billion in January. Additionally, special drawing rights dropped to SGD 8.23 billion from SGD 8.27 billion, while the IMF reserve position edged down to SGD 1.79 billion from SGD 1.80 billion. In February 2025, the reserves stood at SGD 511.63 billion.

Foreign exchange reserves in Singapore increased to SGD 529.11 billion in January 2026 from SGD 526.33 billion in the previous month. This marked the largest amount since a record high in February 2022, mainly due to a rise in gold and foreign exchange reserves (SGD 519.04 billion vs SGD 516.14 billion in December). Meanwhile, special drawing rights (SGD 8.27 billion vs SGD 8.38 billion) and IMF reserve position (SGD 1.80 billion vs SGD 1.81 billion) decreased slightly. In January 2025, the reserves stood at SGD 510.56 billion.

Foreign exchange reserves in Singapore rose to SGD 526.33 billion in December 2025 from SGD 518.11 billion in November. This was the largest amount since a record high in February 2022, driven by further increases in gold and foreign exchange reserves (SGD 516.14 billion vs SGD 507.96 billion in November) and IMF reserve position (SGD 1.81 billion vs SGD 1.76 billion). Meanwhile, special drawing rights (SDRs) fell slightly (SGD 8.38 billion vs SGD 8.39 billion). In December 2024, the reserves stood at SGD 506.71 billion.