Since the investments of the Singapore central bank were badly hit by the global financial crisis, it had to bear a net loss of 9.2 billion Singapore dollars (US$ 6.33 billion) in the fiscal year ending March.

As per the Monetary Authority of Singapore (MAS), in the last year, the bank had a profit of 7.44 billion dollars, and 3.85 billion in the year before that.

MAS continued that that the profit corresponds nearly 3.5 percent of the central bank's average total assets.

It was expressed by MAS managing director Heng Swee Keat, "The global meltdown has weighed heavily on financial markets worldwide, leading to severe declines in the valuation across many asset classes."

Nearly 80% of the central bank's gains were pared back due to crisis in the previous two years.

It was specified by Keat that in spite of the difficult situation, an improvement was seen in the valuation of MAS' foreign assets, and over half of the losses have been recovered after the upturn in global financial markets after March.

Keat said: "Despite the severe global conditions, Singapore's financial system has, by and large, weathered the crisis well."