Deputy Prime Minister Lawrence Wong has been appointed as the new chairman of the board of directors for the Monetary Authority of Singapore (MAS), the city-state's financial regulator and central bank. Effective July 8, Wong will take over from Tharman Shanmugaratnam, who held the position for 12 years since May 2011, as announced in a press release.
Shanmugaratnam had previously disclosed his intention to run in the upcoming Singapore presidential elections, which are scheduled to take place by mid-September. The role of the president in Singapore is primarily symbolic and ceremonial.
Wong, who also serves as the country's finance minister, has been the deputy chairman of MAS since June 2021. His tenure as chairman will extend until May 31, 2026, according to the press release. Prior to his current appointment, he served as a member of the MAS Board from June 2011 to August 2016.
Additionally, Singapore's Minister for Trade and Industry, Gan Kim Yong, will assume the role of deputy chairman of the MAS Board during the same period, from July 8 to May 31, 2026.
In a February interview with CNBC, Lawrence Wong acknowledged the challenges Singapore faces in achieving a delicate balance when formulating the government budget due to the global economic slowdown and weakened demand. As chairman of MAS, he will play a crucial role in navigating these economic dynamics and shaping the country's financial landscape.
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