Monetary Authority of Singapore
|Monetary Authority of Singapore|
Monetary Authority of Singapore (MAS) is the central bank of Singapore. As banker and financial agent to the government, MAS manages the country's official foreign reserves and issues government securities. It also has oversight over the banking, securities, futures and insurance industries and is responsible for the development and promotion of Singapore as an international financial center.
In 2008, MAS intensified its monitoring of financial markets and supervision of financial institutions in reaction to the U.S. Credit Crisis. In January of 2008 a more risk-sensitive capital framework, Basel II, was adopted by all Singapore-incorporated banks. MAS also put in place a revised minimum-liquid-assets framework, under which banks can apply to adopt a more risk-sensitive methodology for determining their regulatory liquid reserves.
In 1970, local Parliament passed the Monetary Authority of Singapore Act, leading to the formation of MAS on Jan. 1, 1971. The MAS Act gives MAS the authority to regulate all elements of monetary, banking and financial aspects of Singapore.
In April 1977, the government brought the regulation of the insurance industry under the wing of the MAS. The regulatory functions under the Singapore Securities Industry Act (1973) were transferred to MAS in September 1984.
- To act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the government;
- To conduct supervision of financial services and financial stability surveillance;
- To manage the official foreign reserves of Singapore and
- To develop Singapore as an international financial center.