Mr Ng Kok Song Says A Strong Reserves Gives Foreign Investors Confidence To Invest In SGD
The role of the President is a topic that has received wide media coverage lately, with the election just around the corner. One such duty is safeguarding our National Reserves, and that’s something Mr Ng Kok Song looks forward to if he gets elected.
Speaking during a walkabout at Tiong Bahru Market on Saturday (5 Aug), Mr Ng explained that having a healthy reserve will help maintain the strength of the Singapore Dollar (SGD).
This will, in turn, prevent the spending power of Singaporeans’ CPF savings from eroding, allowing residents to retire with dignity.
Ng Kok Song says Presidents play important role in safeguarding reserves
During a doorstop interview at Tiong Bahru Market, Mr Ng broached cost of living issues that have plagued Singaporeans over the past few years.
Mr Ng acknowledged that the costs of everyday goods have been rising. However, he noted that Singapore has been managing inflation relatively well in comparison to other countries.
As we import most of our goods, this is only possible with a strong SGD.
In Mr Ng’s view, a strong SGD is only possible with healthy reserves. This also gives foreign investors the confidence to invest in our currency.
As such, he said that the President plays an “important role” as one of the ‘guardians’ of Singapore’s reserves.
Strong SGD helps protect purchasing power of CPF savings
Mr Ng also brought up other benefits “ordinary people” in Singapore can reap from a strong currency.
For starters, a strong SGD would enable Singaporeans to purchase goods from across the Causeway at a “cheaper” price.
Mr Ng also said that having a strong currency protects Singaporeans’ CPF savings, ensuring its “purchasing power” does not get eroded by inflation.
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Featured image by MS News. Photography by Iqmall Hayat.
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