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Singapore

Singapore launches gold vaulting service for foreign central banks

The service gives central banks another option to store gold reserves, and an enhanced GST framework extends tax treatment to wholesale gold activities.

Photo: Yahoo News

What happened

The Monetary Authority of Singapore launched a gold vaulting service for foreign central banks, international financial institutions and sovereign entities on November 10. Yahoo News+2 Gold will be stored in Singapore's national currency vault, which can hold up to 500 tonnes, with room to expand as demand grows. Yahoo News+3 The service is open to foreign central banks, sovereign entities and multilateral organizations established by governments or central banks. Longbridge+1 MAS also announced an enhanced Goods and Services Tax framework for wholesale investment precious metal gold market activities, developed with the Ministry of Finance. mas.gov.sg+2

Around it

Deputy Prime Minister and MAS Chairman Gan Kim Yong said Singapore does not aim to replace other gold centres and that foreign central banks had already expressed interest in the service. Yahoo News+1 Singapore's commercial vaulting capacity is more than 2,000 tonnes, serving market participants such as bullion banks and institutional investors. The Business Times+1 Hong Kong is also working to increase its total gold storage capacity to over 2,000 tonnes by 2030. Longbridge

What comes next

Singapore's over-the-counter gold clearing system is scheduled to start operations in the first quarter of 2027. The Business Times

Sources

  1. Yahoo NewsSingapore launches gold vaulting service for central banks
  2. mas.gov.sgMAS Launches Central Bank Gold Vaulting Service and Announces Enhanced Tax Framework for Wholesale Gold Activities in Singapore
  3. LongbridgeSingapore launches central bank gold-vaulting, extends GST waiver to wholesale activities
  4. The Business TimesSingapore launches central bank gold-vaulting, extends GST waiver to wholesale activities
  5. British Chamber Of Commerce SingaporeS’pore opens national currency vault to foreign central banks to store gold reserves

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