ON THE INTERNATIONAL FRONT
MAS maintains regular policy dialogues and exchanges with fellow central banks and financial regulators. Singapore and UK agreed on the establishment of a formal Financial Dialogue in February 2014, as part of UK Chancellor of the Exchequer, George Osborne's trip to Singapore. The dialogue will provide a platform for a regular and structured exchange of views on domestic and international financial issues. Led by MAS and HM Treasury, the dialogue will deepen financial and economic cooperation between two of the world's leading international financial centres. There was also agreement to establish a private sector-led forum focused on increasing cooperation between the Singapore and UK markets to boost the development of the offshore RMB market.
In the past year, MAS also held high-level bilateral exchanges such as with the China Banking Regulatory Commission and the Bank of Thailand. Issues discussed included macroeconomic policy, international supervisory developments and global financial market developments. The bilateral meetings further enhanced the strong cooperative relationship between MAS and our counterparts and provided a regular platform for us to discuss issues of mutual interest.
In conjunction with the State Visit of the Sultan of Brunei, MAS and the Autoriti Monetari Brunei Darussalam (AMBD) signed an MOU on 22 April 2014 with the aim of strengthening bilateral financial ties, building on existing arrangements such as the Currency Interchangeability Agreement (CIA) and regular bilateral dialogues. The MOU provides for enhanced cooperation in capital market development and capacity building, as well as the exchange of views and practices in monetary management and operations, payment and settlement, banking supervision, human resources and information technology.
Mr Ravi Menon, Managing Director of MAS, and Dato Mohd Rosli Sabtu, Managing Director of AMBD, at the signing of the MOU on bilateral cooperation