Monetary Authority of Singapore
Agency overview
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Formed
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1971
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Preceding agency
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Board of Commissioners of Currency
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Jurisdiction
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Government of Singapore
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Headquarters
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10 Shenton Way MAS Building, Singapore 079117
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Minister responsible
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Tharman Shanmugaratnam, Deputy Prime Minister
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Agency executive
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Ravi Menon, Managing Director
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Parent agency
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Prime Minister's Office
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Website
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.sg.gov.maswww
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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.
Contents
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History 1
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List of Chairmen 2
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Responsibilities 3
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Issuing Banknotes and Coins 4
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See also 5
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References 6
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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.
See also
References
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^ "The World Fact Book - Singapore". Central Intelligence Agency. Retrieved September 17, 2014.
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^ "Singapore Domestic Interest Rate". Monetary Authority of Singapore. Retrieved September 17, 2014.
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^ "Singapore's Exchange Rate Policy" .
External links
Library resources about
Monetary Authority of Singapore
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Resources in your library
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By Monetary Authority of Singapore
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