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Why a Currency Board?

In: RESILIENCE DYNAMISM TRUST 50 Landmark Statements by MAS Leaders

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  • Keng Swee Goh

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…

Suggested Citation

  • Keng Swee Goh, 2021. "Why a Currency Board?," World Scientific Book Chapters, in: Monetary Authority of Singapore (ed.), RESILIENCE DYNAMISM TRUST 50 Landmark Statements by MAS Leaders, chapter 2, pages 8-13, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811250125_0002
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    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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