The Monetary Authority Of Singapore Essays

912 Words Nov 16th, 2016 4 Pages
The Monetary Authority of Singapore - Singapore 's Central Bank

The central bank of Singapore is known as the Monetary Authority of Singapore. The Monetary Authority of Singapore has been instrumental in conducting monetary policy for the country. This central bank is also the third largest foreign exchange center in the world (Singapore) and is very influential on a global economic scale. The Monetary Authority of Singapore uses many strategies to carry out monetary policy in order to achieve their goals. The bank 's monetary policy also has to adapt when the Singapore economy and the global economy changes due to current events. According to the Monetary Authority of Singapore website, the Singapore federal government performed almost all of the functions of a central bank prior to 1970. But in 1970, the Singapore government passed a law that led to the formation of the Monetary Authority of Singapore in 1971 (Overview). The Singapore government created the Monetary Authority of Singapore because they thought it was necessary to set up a central bank in order to keep everything "under one roof" instead of having various monetary policy departments scattered throughout the Singapore government. They also thought that the creation of a central bank would "raise the level of professional expertise" and would improve the decision-making process for Singapore 's monetary policy (Establishment). The law passed in 1970 established the Monetary Authority of Singapore as the…

Related Documents