Monetary Authority of Singapore

Monetary Authority of Singapore
Logo of MAS
Headquarters	10 Shenton Way MAS Building, Singapore 079117
Established	1971
Chairman	Tharman Shanmugaratnam
Central bank of	Singapore
Currency	Singapore dollar SGD (ISO 4217)
Reserves	US$273.1 billion^[1]
Bank rate	5.35%^[2]
Website	http://www.mas.gov.sg

Monetary Authority of Singapore
Agency overview
Formed	1971
Preceding agency	Board of Commissioners of Currency
Jurisdiction	Government of Singapore
Headquarters	10 Shenton Way MAS Building, Singapore 079117
Minister responsible	Tharman Shanmugaratnam, Deputy Prime Minister
Agency executive	Ravi Menon, Managing Director
Parent agency	Prime Minister's Office
Website	.sg.gov.maswww

The Monetary Authority of Singapore (Abbreviation: MAS; Chinese: 新加坡金融管理局; Malay: Penguasa Kewangan Singapura) is Singapore's central bank and financial regulatory authority. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.

History 1
List of Chairmen 2
Responsibilities 3
- Tools 3.1
Issuing Banknotes and Coins 4
See also 5
References 6
External links 7

History

The MAS was founded in 1971 to oversee various monetary functions associated with banking and finance. Before its establishment, monetary functions were performed by government departments and agencies.

As Singapore progressed, an increasingly complex banking and monetary environment required more dynamic and coherent monetary administration. Therefore, in 1970, the Parliament of Singapore passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The act gives MAS the authority to regulate all elements of monetary policy, banking, and finance in Singapore.

List of Chairmen

Jan 1971 - Jul 1980 Hon Sui Sen

Aug 1980 - Jan 1985 Goh Keng Swee

Jan 1985 - Dec 1997 Richard Hu

Jan 1998 - Aug 2004 Lee Hsien Loong

Aug 2004 - May 2011 Goh Chok Tong

May 2011 – Present Tharman Shanmugaratnam

Responsibilities

In April 1977, the Government decided to bring the regulation of the insurance industry under the wing of the MAS and in September 1984 the regulatory functions under the Securities Industry Act (1973) were also transferred to MAS. This means that unlike many other central banks, MAS is also the financial regulatory authority for Singapore.

The MAS has been given powers to act as a banker to, and financial agent of, the Government. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy.

Tools

However, unlike many other central banks such as Federal Reserve System or Bank of England, MAS does not regulate the monetary system via interest rates to influence the liquidity in the system. Instead, it chooses to do it via the foreign exchange mechanism. It does so by intervening in the SGD market.^[3]

Issuing Banknotes and Coins

Following its merger with the Board of Commissioners of Currency on 1 October 2002, the MAS assumed the function of currency issuance.

MAS has the exclusive right to issue banknotes and coins in the Republic of Singapore. Their dimensions, designs and denominations are determined by the Monetary Policy Committee with Government approval. The banknotes and coins thus issued have the status of legal tender within the country for all transactions, both public and private, without limitation.

References

^ "The World Fact Book - Singapore". Central Intelligence Agency. Retrieved September 17, 2014.
^ "Singapore Domestic Interest Rate". Monetary Authority of Singapore. Retrieved September 17, 2014.
^ "Singapore's Exchange Rate Policy" .

External links

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Monetary Authority of Singapore

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Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Uruguay Central Bank of Venezuela

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Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank Deutsche Bundesbank Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo National Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia Banka Slovenije (Slovenia) National Bank of Serbia Bank of Spain Národná banka Slovenska (Slovakia) Sveriges Riksbank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Monetary Authority of Singapore