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Prior to 1970, the various monetary functions associated with a central bank were performed by several government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment led to streamlining of the functions to facilitate the development of a more dynamic and coherent policy on monetary matters.

In 1970, Parliament passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The passing of the MAS Act gave MAS the authority to regulate the financial services sector in Singapore.

MAS has been given powers to act as a banker to and financial agent of the Government. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy.

In April 1977, the Government decided to bring the regulation of the insurance industry under MAS. The regulatory functions under the Securities Industry Act (1973) were also transferred to MAS in September 1984.

MAS now administers the various statutes pertaining to money, banking, insurance, securities and the financial sector. Following its merger with the Board of Commissioners of Currency on 1 October 2002, MAS also assumed the function of currency issuance.

Read more on The Making of the Monetary Authority of Singapore: How the MAS Became Singapore’s Central Bank.