# MAS’s Menon plays down record profit figure

Singapore’s central bank made a record net profit of S$24.3 billion ($17.6 billion) in the financial year ended March 31, due to strong positive exchange rate effects and higher investment gains.

Nevertheless, Ravi Menon, managing director of the Monetary Authority of Singapore, stressed profit and loss outcomes are “subject to sharp swings”. For the financial year 2015 to 2016, the net profit was S\$157 million.

“[The profits] do not reflect the underlying investment approach of the MAS, which

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