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SINGAPORE (ThomsonFinancial) - The Monetary Authority of Singapore said Friday that it's still ready to inject additional liquidity into the domestic market if needed but that so far, the local financial markets have "functioned smoothly."
The MAS made the comment in a short statement released after the stock market close.
"The MAS does not comment on the specifics of our market operations which continue to be directed at ensuring sufficient liquidity conditions in the money markets and banking system, taking into account the various exogenous factors that impact on liquidity," said the statement.
"However, given current global market conditions, we would like to reiterate that the Authority stands ready to inject additional market liquidity if the situation so warrants."
The central bank will continue to monitor developments.
The benchmark Straits Time Index closed down 1.6%, falling with regional markets as the worries about the US subprime mortgage crisis continued to dent sentiment. The index had recovered from its worst levels of the session after the government raised its economic growth outlook for 2007.
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