![]() Since 1981, monetary policy in Singapore is mainly conducted through the management of the exchange rate of the Singapore dollar, in order to promote price stability as a basis for sustainable economic growth. ![]() Some includes the former Prime Ministers or the Deputy Prime Ministers. Unlike many central banks around the world, the MAS is not independent from the Singapore Government-the MAS is under the purview of the Prime Minister's Office (PMO) chairmen of the MAS were either former or incumbent Minister for Finance. This marks the first time the MAS had taken these two measures together. The MAS decided to ease the Singapore dollar's appreciation rate to zero percent, as well as adjust the policy band downwards, the first such move since the Global Financial Crisis. The act gives MAS the authority to regulate all elements of monetary policy, banking, and finance in Singapore.ĭuring the COVID-19 pandemic, MAS brought forward its bi-annual meeting from some time in April to 30 March. Therefore, in 1970, the Parliament of Singapore passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. Īs Singapore progressed, an increasingly complex banking and monetary environment required more dynamic and coherent monetary administration. The acronym MAS resembles mas, the word for 'gold' in Malay, Singapore's national language-although the acronym is pronounced with each of its initial letters. Prior its establishment, monetary functions were performed by government departments and agencies. The Monetary Authority of Singapore (MAS) was founded in 1971 to oversee various monetary functions associated with banking and finance. History MAS Building on Shenton Way, headquarters of the Monetary Authority of Singapore. The Board is duly accountable to the Parliament of Singapore through the Minister-in-charge, who is also the Incumbent Chairman of the central bank. It was established in 1971 to act as the banker to and as a financial agent of the Government of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. The Monetary Authority of Singapore or ( MAS), is the central bank and financial regulatory authority of Singapore. For banking in Singapore, see Banking in Singapore.ġ0 Shenton Way, MAS Building, Singapore 079117 "Singapore bank" and "Singaporean bank" redirect here.
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