Singapore's MAS to issue currency notes, coins
Asian Economic News, Jan 28, 2002
SINGAPORE, Jan. 23 Kyodo
The Monetary Authority of Singapore (MAS) will expand its responsibilities to include the issuance of currency notes and coins from March next year, officials said Wednesday.
The central bank will be merged with the Board of Commissioners of Currency -- the authority that now issues Singapore currency notes and coins -- next year, a Finance Ministry statement said.
With the change, the bank's role will include the issuance of currency notes and coins, like most other central banks in the world, a MAS spokeswoman said.
But the Finance Ministry said the merger is only meant to streamline operations and is not expected to change the way the Singapore dollar is managed.
It said it will also retain the policy of backing the currency in circulation by gold and foreign assets.
The Board of Commissioners of Currency was set up in 1967 to implement the currency board system when the Singapore currency was on a fixed exchange rate. But after the Singapore dollar was floated in 1973, the currency was managed by MAS.
''The merger...will enable us to rationalize common functions and realize efficiency gains, without compromising the overriding objective of managing the currency and maintaining confidence in the Singapore dollar.''
Most Recent Business Articles
- How do I determine my retainer fee?
- Why fly solo when an executive assistant can accelerate your CLNC® business?
- The CLNC® mentors held the key to my first case and to my CLNC® success
- Atlanta CLNC® 6-day certification seminar photo galleryplus sign up today for spring 2009 to save $100.00
- Speak to a full-time practicing CLNC® consultant
Most Recent Business Publications
Most Popular Business Articles
- Using object-oriented analysis and design over traditional structured analysis and design
- Big Fish Games Migrates Upstream to Fisher Plaza; High Growth Online Gaming Firm Vaults Fisher Plaza Occupancy Rate Above 90%
- Top of the line: some of the world's most well-respected doctors practice in South Florida. A guide to choosing the best physician specialists - Top Doctors in South Florida
- Sand filter basics: high-rate sand filters can be confusing for those new to the business. Understanding valve modes is the key
- BEHR Paints Introduces a Colorful New Way to Paint and Prime All in One with BEHR Premium Plus Ultra™ Interior
Most Popular Business Publications
Content provided in partnership with http://findarticles.com/source//

