MAS pays tribute to its former Managing Director, Mr Yong Pung How
Singapore, 9 January 2020…The management and staff of the Monetary Authority of Singapore (MAS) are saddened to learn of the passing of Mr Yong Pung How, MAS’ third Managing Director. MAS conveys its deepest condolences to the family of the late Mr Yong Pung How.
2 Mr Yong Pung How was MAS’ Managing Director from October 1982 to June 1983, working closely with the late Dr Goh Keng Swee who was Chairman. Notwithstanding his short tenure as Managing Director, Mr Yong made enduring contributions during a critical phase in the history of MAS.
3 Mr Yong steered MAS, the Singapore Dollar and the financial sector through a period of sharply slower growth and rising unemployment globally, following the second oil shock. He helped implement a new approach towards reserves management where foreign assets in excess of what MAS needed to manage the Singapore Dollar were transferred to the newly created GIC for long-term investment by the Government.
4 The pioneer generation of MAS staff fondly remembers Mr Yong as a personable leader who took a strong interest in staff well-being and safety.