MAS’ Mission: To promote sustained non-inflationary economic growth, and a sound and progressive financial centre.
- To conduct monetary policy and issue currency, and to manage the official foreign reserves and the issuance of government securities;
- To supervise the banking, insurance, securities and futures industries, and develop strategies in partnership with the private sector to promote Singapore as an international financial centre; and
- To build a cohesive and integrated organisation of excellence.
History of MAS: 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 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.