A period of volatility and uncertainties is expected for the
global economy, creating considerable challenges for the central bank to keep the financial system and economy healthy, Singapore Prime Minister Lee Hsien Loong has said.
Lee said Singapore was experiencing a fundamental reshaping of the economic and financial landscape, daily Straits Times reported on Tuesday.
Eurozone leaders meet amid feard of breakup "This is a critical period for the global economy and financial system. The underlying problems - indebtedness and imbalances - remain unresolved, in particular in Europe," Lee said at the 40th anniversary dinner of the Monetary Authority of Singapore.
While the central bank has done well to keep prices and the financial system stable, Singapore cannot take the future for granted, he said.
PERSPECTIVE: Market bloodbath - Is worse yet to come? Lee noted that the central bank has kept inflation largely steady at an average of about 2 per cent a year over the past 40 years.
The official foreign reserves of Singapore have grown about 50 times in real terms to over $200 billion, reported Xinhua.
The central bank has a key role in developing Singapore as an international financial center too, he said.
Singapore Prime Minister Lee Hsien Loong 
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