Why a Currency Board?

Keng Swee Goh

Chapter 2 in Resilience, Dynamism, Trust:50 Landmark Statements by MAS Leaders, 2021, pp 8-13 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Singapore finds herself in the unique position of being the only independent state to issue its currency under the Currency Board System (CBS). The CBS is, in every sense of the word, a colonial relic. When the sun never sets on the British Empire, the currencies of British colonies were issued under the CBS. This provided for 100% backing of the note issue in overseas reserves, namely Sterling deposits in London. This allowed the automatic conversion of the local currency into the British pound…

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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