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50 years of Monetary Authority of Singapore

Summary:
The list of anniversaries in 2021 keeps growing. 100th birthday of Dr Kurien and 75 years of Amul, 100th birthday of PV Narasimha Rao, 100 years of South African Reserve Bank, 100 years of Tamilnad Mercantile Bank 50 years of Bangaldesh, 30 years of India’s reforms, 25 years of IDRBT, 5 years of Indian Bankruptcy Code, There must be many more which I am missing. In 2018, there were several anniversaries as well. 2021 marks the 50 years of Monetary Authority of Singapore as well Prior to 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 led to streamlining of the functions to facilitate the development of a

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The list of anniversaries in 2021 keeps growing.

There must be many more which I am missing. In 2018, there were several anniversaries as well.

2021 marks the 50 years of Monetary Authority of Singapore as well

Prior to 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 led to streamlining of the functions to facilitate the development of a more dynamic and coherent policy on monetary matters.

In 1970, Parliament passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The passing of the MAS Act gave MAS the authority to regulate the financial services sector in Singapore.

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 MAS. The regulatory functions under the Securities Industry Act (1973) were also transferred to MAS in September 1984.

MAS now administers the various statutes pertaining to money, banking, insurance, securities and the financial sector. Following its merger with the Board of Commissioners of Currency on 1 October 2002, MAS also assumed the function of currency issuance.

MAS Chair Tharman Shanmugaratnam in the annual report 2020-21:

This year marks the 50th anniversary of MAS. We have come a long way since our beginnings in 1971. MAS has progressively over the five decades become a central bank and integrated financial supervisor of repute amongst its international peers, a source of confidence domestically, and an active partner with the industry in developing opportunities for Singapore’s growth as an international financial centre. MAS’ standing is testimony to the vision, dedication, and commitment to excellence of its past leaders and staff.

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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