The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance and manages the foreign-exchange reserves. It was established in 1971 to act as the banker to and as a financial agent of the Government of Singapore. The body is duly accountable to the Parliament of Singapore through the Minister-in-charge, who is also the Incumbent Chairman of the central bank. In May 2025 the fund had US$629 billion in assets under management.
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👉 Monetary Authority of Singapore in the context of Singapore dollar
The Singapore dollar (sign: S$; code: SGD) is the official currency of the Republic of Singapore. It is divided into 100 cents (Malay: sen, Chinese: 分; pinyin: fēn, Tamil: காசு, romanized: kācu). It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.
As of 2024, the Singapore dollar is the 13th most traded currency in the world. Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). Likewise, the Brunei dollar is also customarily accepted in Singapore.
In this Dossier
- ⭐ Core Definition: Monetary Authority of Singapore
- 👉 Monetary Authority of Singapore in the context of Singapore dollar
- Monetary Authority of Singapore in the context of Brunei-Singapore Currency Interchangeability Agreement
- Monetary Authority of Singapore in the context of Reserves of the Government of Singapore
- Monetary Authority of Singapore in the context of GIC (Singaporean sovereign wealth fund)
Monetary Authority of Singapore in the context of Brunei-Singapore Currency Interchangeability Agreement
The Brunei–Singapore Currency Interchangeability Agreement, formally known as the Currency Interchangeability Agreement, is a bilateral arrangement between Brunei and Singapore that permits the Brunei Dollar and the Singapore Dollar to be exchanged at par value and without any transaction charges. Initially established in 1967 as a trilateral agreement inclusive of Malaysia, the pact facilitated seamless monetary interchangeability among the three nations. However, Malaysia unilaterally withdrew from the agreement in 1973, leaving Brunei and Singapore to uphold the arrangement independently.
Under the terms of the agreement, the Brunei Darussalam Central Bank (BDCB) and the Monetary Authority of Singapore (MAS) are obliged to accept and exchange the other party's issued notes and coins at face value and without fees. This obligation applies solely to the central monetary authorities; commercial entities are not legally compelled to accept the counterpart currency and are thus within their rights to decline it, as the foreign currency is recognised in both jurisdictions only as "customary tender" rather than legal tender. Nonetheless, such refusals are relatively uncommon particularly among larger businesses and institutions where transactions and financial interconnectivity are more routine.
Monetary Authority of Singapore in the context of Reserves of the Government of Singapore
The reserves of the Government of Singapore are the investment assets of the Singaporean state, including those of Ministry of Finance and the Statutory Boards, the Monetary Authority of Singapore, GIC Private Limited (GIC), and Temasek Holdings.
In constitutional terms, the Past Reserves as a legal term refers to such reserves as existed before the sitting government came into office (the most recent handover being 23 May 2025). The president's discretion to withhold access to the Past Reserves is intended as a "second key" to ensure financial stability and restrain waste of the reserves.
Monetary Authority of Singapore in the context of GIC (Singaporean sovereign wealth fund)
GIC Private Limited is a Singaporean sovereign wealth fund that manages the country's foreign reserves. Established by the Government of Singapore in 1981 as the Government of Singapore Investment Corporation, from which the acronym "GIC" is derived. Its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years.
With a network of 10 offices in key financial capitals worldwide, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate. The Sovereign Wealth Fund Institute (SWFI) had estimated the fund's assets at US$800 billion as of May 2025 while Forbes estimated the fund's assets at US$744 billion after legislation were passed to transfer about US$137 billion from the Monetary Authority of Singapore (MAS), the country's central bank and monetary authority.