Singapore to launch gold vault service for foreign central banks
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The Monetary Authority of Singapore will launch a vaulting service for foreign central banks to hold bullion. The authority also plans to lower taxes for certain companies in the gold market. These moves aim to increase the country's share of the precious metals trade.
The Monetary Authority of Singapore said on Tuesday it would launch a vaulting service to hold bullion for foreign central banks and lower taxes on some gold-market companies as it competes for a bigger share of the precious metals trade.