Business

Banks close May with $25.505 bn in spot exchange rate

Banks closed May with a short position in the spot exchange of S $25.505 billion, the Central Bank reported on Wednesday. At the end of April, that position was short at $29.204 billion. Financial institutions act as counter-parties in foreign exchange transactions. Thus, when there are remittances of foreign currency abroad, they provide dollars to companies and funds.

Source: Infomoney