In keeping with Singapore’s role as a key financial centre in the region, MAS plays an active role in international and regional fora, contributing to discussions on maintaining global financial stability and shaping international financial regulatory reforms. MAS is a member of several major regional groupings such as the Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) and ASEAN Central Bank Governors Meetings. We are also members of global bodies such as the International Monetary Fund (IMF), the World Bank (WB), the Financial Stability Board (FSB), the Bank for International Settlements (BIS), and international standard setting bodies such as the Basel Committee of Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS) and the International Organisation of Securities Commissions (IOSCO).
MAS works closely with our counterparts as we carry out our duties as Singapore’s central bank and financial sector regulator. We have developed close bonds not only with our ASEAN and Asia-Pacific counterparts – including China, Japan, Korea, Australia and New Zealand - but also with our counterparts further abroad such as the US Federal Reserve Board, European Central Bank, and key European and Latin American central banks and regulators.
Maintaining Global Economic and Financial Stability
In March 2011, Singapore’s Deputy Prime Minister, Finance Minister, and MAS Chairman Tharman Shanmugaratnam was appointed as the Chairman of the IMF’s International Monetary and Financial Committee (IMFC). The IMFC is the key advisory body of the IMF Board of Governors and deliberates on the principal policy issues facing the IMF.
Strengthening Regional Financial Markets through Financial Safety Nets
The ASEAN+3 Macroeconomic Research Office (AMRO) was established in April 2011 in Singapore, and its official opening ceremony was held on 31 January 2012. AMRO is the independent macroeconomic surveillance unit of the Chiang Mai Initiative Multilateralisation (CMIM) Agreement, a currency swap arrangement among the Finance Ministries and Central Banks of the ASEAN Member States, China, Japan and Korea.