THE city-state’s financial regulator and central bank, the monetary authority of Singapore, has named Deputy Prime Minister Lawrence Wong, as the chairman of its board of directors.
Wong will replace Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam who held the role for 12 years.
It can be remembered that in June, Shanmugaratnam announced that he will be running in the Singaporean presidential elections, which will be held by mid-September.
He is set to step down on Saturday as the chairman of the mas board of directors.
Meanwhile, Singaporean Trade and Ministry Minister Gan Kim Yong will be appointed as deputy chairman of the mas board.
Reports say that the move comes as Singapore’s Straits Times index saw an increase shortly after the announcement, and paired earlier losses and last traded 0.33% higher.
Wong will be appointed as chairman of the mass board of directors starting July 8 2023 to May 31, 2026.
