REGION C – ASIA

THE SINKING OF THE TITANIC

(April 14-15, 1912 – North Atlantic Ocean)

The Monetary Authority
of Singapore

(Central Area, Singapore)

ROTHSCHILD OWNED & CONTROLLED CENTRAL BANK

The Official Story

MONETARY AUTHORITY OF SINGAPORE
(Central Area, Singapore)

The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of the Republic of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. It was established in 1971 to act as the banker to and as a financial agent of the Government of Singapore.

The MAS is responsible for formulating Singapore’s monetary policies, and for the promotion of a safe and sound financial system within Singapore. It is also the sole issuing authority of Singaporean banknotes, provides banking services and money management for the government, and loans money to Singapore’s financial institutions.

History

The MAS was founded in 1971 to oversee various monetary functions associated with banking and finance. Before its establishment, monetary functions were performed by government departments and agencies. The acronym for its name resembles mas, the word for ‘gold’ in Malay, Singapore’s national language – although the acronym is pronounced with each of its initial alphabets.

As Singapore progressed, an increasingly complex banking and monetary environment required more dynamic and coherent monetary administration. Therefore, in 1970, the Parliament of Singapore passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The act gives MAS the authority to regulate all elements of monetary policy, banking, and finance in Singapore.

During the COVID-19 pandemic, MAS brought forward its twice yearly meeting from some time in April to 30 March. 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. This makes it the first time the MAS had taken these two measures together.

Uniquely among central banks around the world, the MAS is not independent from the executive branch of the Singaporean government; chairmen of the MAS are often from the same political party of the Government. Previous chairmen were also either the incumbent or former Ministers of Finance, or were former Prime Ministers or Deputy Prime Ministers of Singapore.

Source: Wikipedia