Singapore legislation

Clause 4

of Monetary Authority of Singapore (Amendment) Bill

Clause 4

Repeal and re-enactment of section 4

Section 4 of the principal Act is repealed and the following section substituted therefor:“Principal objects and functions of Authority4.—

(1)

The principal objects of the Authority shall be —

(a)

to maintain price stability conducive to sustainable growth of the economy;

(b)

to foster a sound and reputable financial centre;

(c)

to ensure prudent and effective management of the official foreign reserves of Singapore; and

(d)

to grow Singapore as an internationally competitive financial centre.(2) The functions of the Authority shall be —

(a)

to act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government;

(b)

to conduct integrated supervision of financial services and financial stability surveillance;

(c)

to manage the official foreign reserves of Singapore; and

(d)

to develop Singapore as an international financial centre.”.

Read in full context — Monetary Authority of Singapore (Amendment) Bill →