Singapore, 21 February 2005...The Monetary Authority of Singapore (MAS) announced today that Mr Heng Swee Keat will take over as Managing Director (MD) from Mr Koh Yong Guan, who will retire from the Administrative Service on 31 May 2005.

2  Mr Koh was first appointed MD, MAS from January 1998 to March 2001.  He was re-appointed in October 2001 after a brief stint as Permanent Secretary for the Ministry of National Development.  Under his leadership, MAS embarked on a fundamental change in our regulatory approach, from one-size-fits-all prescriptive regulation towards a more risk-focused supervisory approach.  During this time, MAS also implemented a series of major policy initiatives to liberalise the financial sector and create growth opportunities for Singapore.  To prepare MAS for the challenges we would face, Mr Koh initiated wide-ranging organisational changes to bring about a more open and cohesive organisation.  We thank Mr Koh for his invaluable contributions to MAS.

3  Mr Heng, presently Permanent Secretary, Ministry of Trade and Industry, will assume the duties of MD from 11 April 2005.  Mr Heng was appointed to the MAS Board of Directors in August 2004 and has been a member of MAS' Monetary and Investment Policy Meeting since November 2001.  Prior to his current appointment, Mr Heng held several key positions in the public sector, namely Chief Executive Officer of the Trade Development Board, Assistant Commissioner in the Singapore Police Force and Principal Private Secretary to then-Senior Minister Lee Kuan Yew.

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