Financial markets continued to limp into the second half of 2020, with the benchmark Straits Times Index (STI) declining 3.1% w-o-w to 2,495.09 on Monday morning, after Singapore’s central bank took the unprecedented step of calling banks to cap their dividends for FY20.

Last Wednesday (July 29), the Monetary Authority of Singapore (MAS) has asked DBS, UOB, and OCBC to restrict their dividend payout to 60% of what was paid for in FY19.

See: MAS calls on banks to cap dividends for FY20 to 60% of FY19

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