Monetary Authority of Singapore

By: EconomyWatch   Date: 9 September 2010

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The Monetary Authority of Singapore (MAS) is the central bank of Singapore. With the economic development of Singapore the need for a well developed banking and monetary environment was increasingly felt.

Therefore in 1970, the Parliament of Singapore passed the Singapore Monetary Authority Act, which paved the way for the formation of Monetary Authority of Singapore (MAS) on 1 January 1971. The main mission of the bank is to promote a continuous non-inflationary economic growth, and a well developed and constantly evolving financial sector. The objectives of the MAS are as listed below:

  • To conduct monetary policy
  • To issue the currency and control its circulation
  • To hold and manage the country’s foreign exchange reserves
  • To issue government securities
  • To supervise the activities of the banking and financial sector in the country
  • To develop strategies to promote Singapore as an international financial center

The Monetary Authority of Singapore has a considerable degree of autonomy. The President appoints the Board of Directors of the Monetary Authority of Singapore.
The President on the recommendation of the Cabinet appoints the Chairman of the Board. The Board of Directors is responsible for the policy matters and general administration of the affairs of the bank. The Board of Directors is responsible to the Parliament of Singapore. The Monetary Authority of Singapore Act gives extensive powers to the Managing Director to take decisions and exercise powers that may be exercised by the Monetary Authority of Singapore.

The MAS now manages various statutes related to money, banking, insurance, securities and the financial sector.

The Address and Contact details of the bank is as follows:

Monetary Authority of Singapore

Address: P.O. Box 52 (Robinson Road) Singapore 900102 SINGAPORE Phone No.: ++65-225 55 77  Fax: ++65-229 94 91

 


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