The Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore is form under the Monetary Authority of Singapore Act, chapter 186 of 1999. It was created to establish a corporation, MAS. Monetary Authority of Singapore which will exercise control over financial institutions and their entities. It will also create a framework for the issuance of securities and regulation of primary security dealers. It eventually grew to be the central bank of Singapore.
This is probably the most relevant section of the Singaporean economy. Acting as the central bank, it is charge with the responsibility to promote a sustainable a stable non-inflationary economy. To achieve this, MAS has to formulate policies which will facilitate a close watch of the macroeconomic trends. Furthermore, they will also need to spot inherent vulnerabilities beforehand. The corporation has to run on values like integrity, transparency, teamwork and enterprise.
In the banking sector, MAS controls the currency exchange rates, liquidity ratios and the foreign reserve deposits. This keeps the money market in check to avoid exchange rate fluctuations. Furthermore, banks, capital market intermediaries, financial advisors, stock markets and every other financial institution in Singapore operates under the watch of MAS.
Codes of conduct
MAS has a duty of confidentiality, to safeguard all documents and information. It also refrains itself from conflict of interests. In addition they also strive to mitigate them as much as possible in case they occur. The resources allocated to MAS, electronic, financial, or intellectual, have to be fully accounted for and used responsibly. To safeguard the reputation of the corporation, high standards of behavior have to be observed especially by their employees within or outside the premises.
As one of its core activities, MAS also has the mandate to foster progressive and sound financial services sector. Through developing a flexible corporate governance framework of operations, MAS facilitates the shaping of Singapore’s financial industry. The robust framework ultimately results to a close adherence to standards set for international accounting.
In the struggle to sustain Singapore as the Financial Center of the Pacific region, MAS is force to participate in both regional and international fora actively. It has to contribute to the maintenance of financial stability globally and formulation of international financial regulatory reforms. MAS has thus had to join regional groupings like the ASEAN CBG (Central Banks’ Governors) meeting. In addition to that, they also have to meet with international bodies like the World Bank (WB), Financial Stability Board (FSB). And sometimes, MAS also have to meet with the International Monetary Fund (IMF). The involvement of these organizations has enable Singapore to develop close ties with Japan, Korea, China and Australia.
MAS is a need for Singapore. This is so as to ensure that the Singaporean economy or financial industry is constantly dynamic, vibrant and competitive. To achieve this, Singapore has to work hand in hand with foreign financial institutions and agencies from other governments. On the same note, Singapore will be promoting her regional and international position as a Financial Center.
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