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New chairman for Monetary Authority of Singapore

Staff writer | May 24, 2011
The Lion City's powerful regulatory authority now has its sixth chairman.

Singapore's deputy prime minister, minister for finance and minister for manpower, Tharman Shanmugaratnam, has been officially appointed as chairman of the Monetary Authority of Singapore (MAS).

In an official statement, MAS announced today that Shanmugaratnam has taken up the position from 21 May 2011, for a period of two years.

The new Singapore cabinet, in the wake of the 2011 national election, was sworn in on the same day.

The MAS is Singapore's central bank and financial regulatory authority and also administers the statutes relating to money, banking, insurance, securities and the financial sector in general, as well as issuing the Lion City's banknotes and coins.

The MAS has the authority to regulate all elements of monetary, banking and financial aspects of Singapore.

The official statement said Shanmugaratnam is the MAS' sixth chairman since its establishment in 1971. He replaces Emeritus Senior Minister Goh Chok Tong who had served as chairman of MAS since August 2004.

Goh stepped down from the MAS Board of Directors but has been appointed as senior advisor to the authority.

New MAS Board of Directors

    * Tharman Shanmugaratnam (Chairman) - Deputy Prime Minister; Minister for Finance;
      Minister for Manpower.
    * Lim Hng Kiang (Deputy Chairman), Minister for Trade and Industry.
    * Heng Swee Keat, Minister for Education.
    * Sundaresh Menon, Attorney-General.
    * Lim Chee Onn, Senior Advisor, Keppel Corporation Limited;
      Chairman, Singbridge International Singapore Limited.
    * Teo Ming Kian, Permanent Secretary (National Research and Development), Prime Minister's Office; Advisor (Special Projects), Ministry of Finance.
    * Peter Ong Boon Kwee, Permanent Secretary, Ministry of Finance.
    * Ravi Menon, Managing Director, MAS.
    * Lucien Wong Yuen Kuai, Managing Partner, Allen & Gledhill.


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