2/7/2019 2:49:42 PM
|written By : Team India Se|
The Monetary Authority of Singapore has won the Central Bank of the Year award given by the London-based publication, Central Banking.
Central Banking says: “The Monetary Authority of Singapore has displayed an enviable track record for monetary and financial stability, implements coherent financial system oversight as a ‘super-regulator’, and has emerged as a pioneer in creating a framework to facilitate next-generation technological and financial innovation. Singapore’s de facto central bank has achieved this despite not having an inflation target or being independent of government – the current vogue for central banks.”
It adds: “MAS managing director Ravi Menon has said that, while the central bank may not be independent of government, it is independent within government. ‘In the last 40 years, the government has consistently backed the MAS,’ said Menon in a speech. ‘Never has the government pressured the MAS to: ease monetary policy; or give a licence to a bank that the MAS was not inclined to admit; or refrain from taking action against a financial institution that did not behave.’”