Deputy Prime Minister Lawrence Wong will replace Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam as chairman of the Monetary Authority of Singapore (MAS).
The appointment of Mr Wong, who is also the Finance Minister, will be for the period from Jul 8, 2023, to May 31, 2026, said MAS in a news release on Monday (Jul 3).
He has been deputy chairman of MAS since Jun 1, 2021, and had previously served as a member of the MAS Board from June 2011 to August 2016.
Mr Tharman, who has been chairman of MAS for 12 years, will step down on Jul 8.
Last month, Mr Tharman announced his decision to run for President in Singapore. He informed Prime Minister Lee Hsien Loong on Jun 8 that he would retire from politics and all his positions in government. He also said that he would step down as chairman of MAS and from other responsibilities he has been undertaking in his ministerial capacity.
Replacing Mr Wong as deputy chairman will be Mr Gan Kim Yong, Minister for Trade and Industry.
He will be appointed to the MAS Board for the period from Jul 8, 2023, to May 31, 2026.
