Three Reservoirs
Singapore's reserves sit in three vessels, and the state has chosen a different transparency for each. The choice is the system: publish two of the three, and the sum — the number that matters strategically — stays out of reach.
MAS monthly
The most liquid vessel: the central bank's holdings, published to the month.
Temasek annually
Publishes a full annual review, audited statements and portfolio segments.
GIC withheld
MOF: 'it is known that GIC manages well over US$100 billion, [but] the full amount is not disclosed to the public' — because together with the published assets of MAS and Temasek it would reveal the full size of the reserves.
The asymmetry, read as design
Two of the three reservoirs publish a waterline monthly or annually. The third is the one this site is about. Publishing MAS and Temasek costs little — their scale is inferable from balance-of-payments data and portfolio disclosures anyway. GIC is where the residual secrecy is concentrated, which is why it, and not the others, carries the constitutional weight of ambiguity. Anyone taking a position against Singapore — a currency speculator in 1998, or worse — must price in a war chest of unknown size.