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To: PaulM who wrote (26136)	1/14/1999 12:09:00 PM
From: Alex	Respond to of 116779

1/14/99 - SINGAPORE'S OFFICIAL FOREIGN RESERVES RISE 4% IN 1998 <Picture> SINGAPORE, Jan 14, 1999 (Asia Pulse via COMTEX) -- Singapore"s official foreign reserves rose only 4.0 percent last year compared to an average 13 percent in the preceding five years, according to preliminary figures. The Business Times said as of the end of December, reserves totalled S$124.6 billion (US$74.4 billion) equivalent to nine months of imports. In US dollar terms, the reserves grew 5.0 percent to US$75 billion. Based on monthly figures, the reserves, predominantly in gold and foreign exchange holdings, were stagnant at around S$120 billion for the first six months and only started picking up in the last few months. Overall balance of payments surplus was only S$2.4 billion in the first three quarters last year or S$800 million a quarter compared to S$3 billion recorded in each quarter of 1997. Singapore"s official reserves had been building at 11 percent a year in 1996 and 1997. The stock of gold and foreign exchange reached S$123.6 billion last year. Meanwhile, Singapore"s tax collection plunged 7.2 percent in the first 11 months of last year from S$15.78 billion to S$14.64 billion and is expected to worsen to about 8.0 percent by December. The Straits Times said this was the first time that taxes collected had fallen since the last recession. The full year data is expected in the middle of next month. The sharpest drops were in stamp duty and property tax according to Inland Revenue Authority of Singapore figures. The steep declines of 39 percent in stamp duty to S$630 million and 22 per cent in property tax or by nearly S$500 million were the result of the moribund property and stock markets. Income tax collections were buoyant last year as the tax was paid for 1997 incomes when the economy was at a robust 7.8 per cent. Gross Domestic Product for last year was 1.3 per cent and for this year, the forecast is between -1 and 1.0 percent. (Bernama) -0- (C) 1999 Asia Pulse Pte Ltd