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Encyclopedia > Monetary Authority of Singapore

The Monetary Authority of Singapore is Singapore's central bank. It was set up in 1971 to oversee various monetary functions associated with banking as well as finance. Before its establishment, monetary functions were performed by government departments and agencies.


As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. Therefore in 1970, Parliament passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The MAS Act gives MAS the authority to regulate all elements of monetary, banking and financial aspects of Singapore. January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1971 (MCMLXXI) is a common year starting on Friday (click for link to calendar). ...


The MAS has been given powers to act as a banker to and financial agent of the Government. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy.


In April 1977, the Government decided to bring the regulation of the insurance industry under the wing of the MAS. The regulatory functions under the Securities Industry Act (1973) were also transferred to MAS in September 1984. This article needs to be cleaned up to conform to a higher standard of quality. ...


The MAS now administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general. Following its merger with the Board of Commissioners of Currency on 1 October 2002, the MAS has also assumed the function of currency issuance. October 1 is the 274th day of the year (275th in Leap years). ... 2002 (MMII) is a common year starting on Tuesday of the Gregorian calendar. ... The Singapore dollar, divided into 100 cents, is the monetary unit of Singapore (currency code SGD). ...


External links

  • Monetary Authority of Singapore - About MAS, as well as Singapore economic outlook.

  Results from FactBites:
 
Singapore (1388 words)
Singapore’s natural deep-water harbour and strategic location at the crossroads of Europe and the Far East had much to do with the island’s early success as an entrepot.
Modern Singapore is a major manufacturing and financial centre, and, in terms of tonnage handled, is the busiest port in the world.
The Monetary Authority of Singapore (MAS) was formed on 1 January 1971 and was entrusted with the role of managing Singapore's exchange rate and monetary policies, supervision of the financial sector as well as development of Singapore as an international financial centre.
Monetary Authority of Singapore - Wikipedia, the free encyclopedia (356 words)
The Monetary Authority of Singapore (Abbreviation: MAS; Chinese: 新加坡金融管理局; Malay: Penguasa Kewangan Singapura) is Singapore's central bank.
Therefore in 1970, Parliament passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971.
Monetary Authority of Singapore - About MAS, as well as Singapore economic outlook.
  More results at FactBites »

 
 

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