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Establishing the Monetary Authority of Singapore

In: RESILIENCE DYNAMISM TRUST 50 Landmark Statements by MAS Leaders

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  • Sui Sen Hon

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…

Suggested Citation

  • Sui Sen Hon, 2021. "Establishing the Monetary Authority of Singapore," World Scientific Book Chapters, in: Monetary Authority of Singapore (ed.), RESILIENCE DYNAMISM TRUST 50 Landmark Statements by MAS Leaders, chapter 1, pages 4-7, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811250125_0001
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    More about this item

    Keywords

    Monetary Authority of Singapore; Central Banks; Singapore; Monetary Policy; Fintech;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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