Before 1970, the various monetary functions associated with a central bank were performed by several government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streaming of these functions. Therefore in 1970, Parliament passed the Monetary Authority of Singapore (MAS) 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 aspect of Singapore.
MAS was entrusted to manage Singapore’s exchange rate and monetary policies, supervision of the financial sector and the development of Singapore as an international financial centre.
MAS now administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general. After merging with the Board of Commissioners of Currency, Singapore, in October 2002, MAS also assumed the function of currency issuance.
For over three decades, MAS has directed Singapore’s financial development, creating tactics and strategies that have made it a premium centre for international finance. Innovating constantly and re–defining the rules, MAS makes decisions today that shape financial markets tomorrow.