Which institution was established in 1971 to conduct Singapore’s central banking functions?

The Monetary Authority of Singapore was established in 1971 to conduct Singapore’s central banking functions.

The authority was created by the Monetary Authority of Singapore Act 1970 and began operations on January 1, 1971. Its formation brought together responsibilities that had previously been divided among government departments and agencies.

The Monetary Authority of Singapore conducts monetary policy, manages official foreign reserves, supervises financial institutions, and issues Singapore’s currency. Unlike many central banks, it also regulates the country’s insurance and securities sectors.

It is often confused with DBS, originally the Development Bank of Singapore, which is a commercial banking group. The authority is Singapore’s central financial regulator, while DBS provides banking services to customers.