Monetary Authority Of Singapore: Its Establishment, Growth And Changing Role

By Ramin Cooper Maysami & Shirley Tan

Abstract

The Monetary Authority of Singapore (MAS) was established in 1971 to perform essentially all the functions of a central bank except currency issuance that remained under the jurisdiction of the Board of Commissioners of Currency.

It was responsible for implementing monetary policies, supervising financial activities in the country, and being adviser, banker, and financial agent to the Singapore government. In October 2002, the Board of Commissioners of Currency was integrated into MAS as its currency department. This case documents the rationales for the establishment, growth and development of MAS and delineates its changing role during the last three decades in the face of rapid financial liberalisation and banking reform in Singapore.

Issues: Central Bank Independence, Banking Reforms

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