SINGAPORE, Nov 10 — Singapore today launched a gold storage service for foreign central banks and other financial institutions, as it seeks to bolster its position as a key precious metals trading hub.
The Monetary Authority of Singapore said the facility, housed in the city-state’s national currency vault, could store 500 tonnes of gold but could expand that as demand grows.
The service will provide foreign central banks, international financial institutions and sovereign entities “with a secure option to hold gold reserves in Singapore”, the MAS said in a statement.
Select Singapore-based bullion banks providing gold-related services to these institutions will be offered “gold custody accounts”, it added.
