Establishing the Monetary Authority of Singapore

Sui Sen Hon

Chapter 1 in Resilience, Dynamism, Trust:50 Landmark Statements by MAS Leaders, 2021, pp 4-7 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In Singapore, as a result of historical factors, the various monetary functions normally associated with a Central Bank are currently being performed by a number of Government departments and agencies. For instance, the responsibility for the currency issue lies with the Currency Board, which is a statutory authority. Then, the Commissioner of Banking and the Commissioner of Finance Companies is responsible for the regulation and supervision of banks and finance companies, whilst the Exchange Control Department is responsible for all matters concerning foreign exchange. Finally, the Department of Overseas Investment in my Economic Development Division is responsible for the management of the Government’s external assets, while the Accountant-General is responsible for the sale of Treasury Bills to banks and other financial institutions, the raising of domestic loans and the management of the clearing house system…

Keywords: Monetary Authority of Singapore; Central Banks; Singapore; Monetary Policy; Fintech (search for similar items in EconPapers)
JEL-codes: E44 E5 E58 E6 F45 (search for similar items in EconPapers)
Date: 2021
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