Singapore’s foreign exchange reserves dropped to 549.3 billion SGD in July, with a decrease in holdings of gold and foreign currencies.

⑴ Singapore's official foreign exchange reserves in July fell to 549.3 billion SGD from June's 551.3 billion SGD, retreating from the highest level since February 2022. ⑵ The decline was mainly driven by reduced holdings in gold and foreign currencies, which dropped from 541.2 billion SGD in June to 539.2 billion SGD; Special Drawing Rights decreased slightly from 8.29 billion SGD to 8.25 billion SGD. ⑶ Singapore's reserve position in the International Monetary Fund rose slightly from 1.82 billion SGD to 1.87 billion SGD; the official foreign exchange reserves were 515.5 billion SGD in the same period last year.