Monetary Authority of Singapore Annual Report 2010/2011
MAS Thanks Emeritus Senior Minister Goh Chok Tong

Mr Goh Chok Tong, Emeritus Senior Minister, was appointed Chairman of the MAS Board of Directors on 20 August 2004. He was the fifth Chairman since the establishment of MAS in 1971.

As Chairman, Mr Goh played an important role in several key initiatives that strengthened MAS' capabilities and enabled it to fulfill its mission and functions. He provided leadership and guidance to strengthen MAS' economic and monetary policy analysis, financial supervision, surveillance and risk management. His emphasis on the broader and longer-term perspective to MAS' policies was particularly valuable. He oversaw the efforts of the MAS Board and management team to steer Singapore successfully through the recent global financial crisis.

Mr Goh was instrumental in strengthening MAS' links with its international partners, especially in China, India and the Middle East. His leadership in fostering closer economic ties with India laid the groundwork for the successful signing of the Comprehensive Economic Co-operation Agreement (CECA). His cultivation of Singapore's bilateral relationship with China resulted in important milestones, including the approval of MAS as a Qualified Foreign Institutional Investor (QFII) to invest in China's interbank market, the establishment of a China-Singapore currency swap arrangement of CNY150 billion for the purpose of promoting bilateral trade and direct investment, and in-principle agreement for the establishment of a Renminbi clearing bank in Singapore. His foresight in engaging the Middle East created opportunities for stronger regional cooperation and paved the way for the further development of Islamic finance in Singapore.

Mr Goh stepped down as Chairman on 20 May 2011, but continues to contribute to MAS as Senior Advisor. The MAS Board, Management and Staff thank Mr Goh for his years of leadership as Chairman of MAS, and welcome Deputy Prime Minister Tharman Shanmugaratnam as the newly-appointed Chairman of MAS.