THE Monetary Authority of Singapore (MAS) said on Monday it does not expect the Dubai debt crisis to affect the financial stability here as Singapore's banking industry's total exposure to the United Arab Emirates is 'well below' 1 per cent of total banking assets.

'MAS has been closely monitoring developments of Dubai World and United Arab Emirates (UAE) and their impact on Singapore's financial sector,' it said in a statement on Monday evening.

'Singapore's banking sector's total gross exposure to United Arab Emirates, of which Dubai is one of seven emirates, is well below 1 per cent of total banking assets. We do not expect developments in Dubai to adversely affect Singapore's financial stability.'

This article was first published in The Straits Times.

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