Singapore, 21 Oct 2001. The Monetary Authority of Singapore (MAS) announced today that Mr Koh Yong Guan has been appointed Managing Director with effect from 22 Oct 2001. He takes over from Mr Tharman Shanmugaratnam, who has resigned from the Civil Service as of 21 Oct 2001.

2   Mr Koh was the Managing Director of MAS from Jan 1998 until March 2001, when he was appointed Permanent Secretary for the Ministry of National Development. Under Mr Koh, the MAS implemented a series of major policy initiatives to develop Singapore's financial centre, and undertook wide-ranging organisational improvements. Mr Koh is currently a member of the MAS Board of Directors. He will be re-appointed to the Board as Managing Director with effect from 22 Oct 2001 for two years.

3   Mr Shanmugaratnam has made outstanding contributions to the MAS since he joined the organisation in Dec 1982. As head of MAS' Economics Department, he was instrumental in enhancing the analytical framework for MAS' exchange rate policy and strengthening its capabilities in economic analysis. Mr Shanmugaratnam joined the Administrative Service in 1995 and first served in the Ministry of Education, as Deputy Secretary (Policy) and subsequently Senior Deputy Secretary. He was seconded to the MAS as Deputy Managing Director in Dec 1997 and appointed Managing Director in April 2001. He played a pivotal role in shaping the broad-ranging liberalisation and regulatory changes in Singapore's financial centre, and in strengthening the MAS' capabilities as an integrated supervisor of the financial industry. He also built on the work of Mr Koh in developing an open and more integrated organisation.

4   MAS thanks Mr Shanmugaratnam for his invaluable contribution. He will be re-appointed to the MAS Board of Directors with effect from 22 Oct 2001 for a two-year term.

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