Singapore, 20 Feb 2001. The Monetary Authority of Singapore announced today that Mr Tharman Shanmugaratnam has been appointed Managing Director of the central bank, for a two-year term, with effect from 1 April 2001. Mr Shanmugaratnam takes over from Mr Koh Yong Guan, who has been the Managing Director since Jan 1998. Mr Koh will assume the position of Permanent Secretary for the Ministry of National Development on the same date, and will remain as a director on the MAS Board.

2   Mr Koh's and Mr Shanmugaratnam's new appointments are part of a series of senior appointment changes in the public service announced by the Public Service Division, Prime Minister's Office.

3   Under Mr Koh's stewardship, the MAS implemented a series of major policy changes aimed at developing Singapore's financial centre. At the same time, it undertook organisational changes and refocused its operations in order to keep pace with changing industry and supervisory needs.

4   "Mr Koh has made major contributions to MAS as Managing Director over the last three and a half years. MAS has strengthened significantly during his tenure, and is now much readier to fulfil its growing responsibilities. I thank Mr Koh for his contributions, and wish him success in his new appointment," said DPM Lee Hsien Loong, Chairman MAS.

5   Mr Shanmugaratnam began his career in MAS in Dec 1982 in its Economics Department. He joined the Administrative Service in 1995, and served in the Ministry of Education, initially as Deputy Secretary and was appointed Senior Deputy Secretary in Sep 1997. In Dec 1997, Mr Shanmugaratnam was seconded to the MAS as its Deputy Managing Director and played a pivotal role in its broad-ranging reforms and liberalisation of Singapore's financial centre.

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