The central bank of Singapore is known as MAS or Monetary Authority of Singapore. It is the financial regulatory authority involved in the administration and regulating of financial issues of banking, money and other related areas.
National Bank of the country
MAS, which is taken from the Malay word ‘emas’ (which means gold), was established back in 1971. It was intended to manage the monetary functions of the country, particularly in the banking and finance sectors. Prior to this, government agencies and departments were carrying out the monetary functions. With the passing of the Monetary Authority of Singapore Act in 1970, MAS becomes the authority involved in regulating the issues in areas like finance, banking and monetary policy.
Its roles are mainly to function as the central bank of Singapore. This includes serving as the Government’s banker and financial agent. Besides that, MAS issues currency and supervises the financial services of the country. The official foreign reserves of Singapore is undertaken by MAS as well. Basically, what this means is that MAS is responsible for the currency and other monetary issues in Singapore. As such, there should not be shortage or surplus of currency while ensuring that the financial health of the government is as good as it can be.