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Monetary Authority of Singapore

Evolution of MAS:-The Monetary Authority of Singapore (MAS) was established on 1st January 1971 after Parliament passed the Monetary Authority of Singapore Act in 1970. The passing of the MAS Act gave MAS the authority to regulate the financial services sector in Singapore. In April 1977, the Government decided to bring the regulation of the insurance industry under the wing of the MAS. The regulatory functions under the Securities Industry Act (1973) were also transferred to MAS in September 1984. The MAS now administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general. Following its merger with the Board of Commissioners of Currency on 1 October 2002, the MAS has also assumed the function of currency issuance. Main Functions of MAS are: • To promote sustained non-inflationary economic growth, and a sound and progressive financial centre. • 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 integrated supervision of financial services and financial stability surveillance. • To manage the official foreign reserves of Singapore. • To develop Singapore as an international financial centre

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