• The optimal amount of OFR held by MAS, of between 65% - 75% of GDP, is expected to provide a strong buffer against stresses in the global economy and markets. This will be the first and key source of liquidity for MAS in implementing its mandate.
• Nevertheless, MAS will have the right to redeem the RMGS before maturity at par, to meet its OFR needs, for instance in a tail-risk event, to supplement the OFR on MAS’ balance sheet.