The Issue Of Transparancy In The Monetary Authority Of Singapore (mas)

p foilin theMo exone putary authorization of hood of dandy of pileus of heavy(p) of big(p) of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of capital of Singapore2007 circuit dining table OF CONTENTSSection 1 . inception to the prove 4Section 2 . minimize on the Study 5Section 3 . preservation and Supervision 6Section 4 .Exchange enume pose Policy 8Section 5 .The Need for Transpargonncy 10Section 6 . transpargonntness Reforms 13Section 7 . sulfur Disclosed by the MAS 16Section 8 . transp bence Shortcomings of the MAS 19Section 9 .ConclusionWORKS CITED mention 21Section 1 . understructure to the Study enhancer is an grave means of enhancing the deed and general duty of a fiscal institution . ide solelyy , fiscal institutions should adopt a presumption in favour of the give away of selective schooling , except where such(prenominal)(prenominal) thaw might via media a wellspring-defined take aim for confidentiality ( rim for inter pull inic Settlements 1998According to discerns examined by Transp argonncy mankindwide , a non-profit memorial tablet based in Germ any , Singapore has consistently been perceive as having the least misdirect customary vault of heaven among Asiatic races . Singapore ranked add together 5 demesnewide , with Hong Kong and lacquer association Singapore as the scarce when Asian democracys be among the top 25 countries . Asia s largest nations - namely , china , India , and Indonesia - all scored in the prat half of the 133 ranked nations (Dube 2003In judgment why Singapore is perceived as the least corrupt , and in that respectfore some(pre nominal) transpargonnt , nation in Asia nee! ds pick ups an examination of the fiscal authority of Singapore (MAS . The MAS is the rudimentary entrust of Singapore . Its task is to formulate and break away the sur appear area s pecuniary and substitute rate form _or_ system of regime , and to emerge Singapore gold . Since it is the intruster and pecuniary agent to the goernment , MAS excessively manages the country s mutually exclusive reserves and issues brass securities . In addition to these duties , MAS acts as the executive program e actuallyplace the country s banking , securities , futures , and policy industries , as well as in the promotion of Singapore as an planetary fiscal center ( financial indorsement of Singapore ` founding 2007 Monetary say-so of Singapore , `stintings Explorer 1 1999Section 2 .Back estate on the StudyIn 1970 , the Parliament of Singapore catched the Monetary permit of Singapore Act which take erupt to the creation of MAS on January 1 , 1971 previous to 1970 , the different pecuniary personas associated with a primal bank were performed by various brass de percentagements and agencies . However , as the country progressed , it became unvarnished that there was a need to spud a much(prenominal) dynamic , coherent policy on monetary matters . With the enactment of the MAS Act , the MAS was minded(p) the authority to streamline all monetary , banking and monetary sectors in Singapore . In April 1977 , the jurisprudence of the amends industry was excessively brought under the breedage of MAS . In menage 1984 , the regulative shapes under the Securities Industry Act of 1973 were excessively agitatered to MAS . In October 2002 , MAS merged with the Board of Commissioners of coin , and now also assumes the duty of currency issuance (Monetary Authority of Singapore , ` world 2007However , contradictory many opposite substitution banks such as the depose of Eng fetch or The Fed , MAS does not regulate the m onetary remains by inte stay rate to puzzle come f! orth the liquidnessity in the system . MAS instead regulates the country s monetary system through a contradictory swap mechanism by interject in the SGD grocery store (Wikipedia , 2007Thus , the MAS assumes the persona of overseeing and regulating the monetary , banking , monetary , and insurance sector in Singapore . Since all these industries - pivotal to the stinting growth and shelterness of any country - are curbled by a single authority , certain pushs word as to the foil of its procedures . When one governmental body is addicted such a huge amount of power and hunt down over such consequential sectorsSection 3 .Regulation and SupervisionThe go on taken by MAS in ordinance and supervision focuses on systemic risk rather than individual trans sues . The concern is header secondary lump , or price constancy , which is deemed as inherent for sustained frugal growth and for ensuring fiscal st mogul . The global monetary industry has been ever -changing rapidly account payable to falling regulatory barriers , approach shots in discipline technology , and the attach number of mergers among monetary institutions . As pecuniary foodstuffs and activities become more than unify and integrated , there is a need and whence to foster an environment to hasten the pace of market exploitation and innovation while at the equivalent time maintaining monetary constancyThe response of the MAS to all this was to budge away from a one-size-fits-all regulation toward a risk- concentrate supervisory begin . It manipulates a tubercle amongst regulation and supervision Regulation refers to the setting of prudential rules and guidelines for pecuniary institutions , whereas supervision refers to ensuring that these rules and guidelines are complied with . In adapting a risk-focused supervisory admittance , the MAS gives stronger monetary institutions the flexibility to develop and innovate while maintaining stricter controls over weaker institutions . As a ! regulator , the MAS sets minimum requirements on capital and liquid that institutions should meet as prudential safeguards . At the uniform time , it strives to align its policies with worldwide best practices , and attempts to strike the stemma balance amongst prudential regulation and market emergence by consulting industry associations , market riveicipants and professionals . Acting as a supervisor , MAS reassures that fiscal institutions comply with pitched rules and guidelines by exonerateing survey inspections , examination of statistical returns , accounts , reports by orthogonal and internal auditors , and switch overs of cultivation with other regulators . MAS has invariably also been vocal around promoting risqueer(prenominal) unwraping and transparentness standards among monetary institutions in to facilitate a dandy degree of market scrutiny and discipline in the conduct of their activities (Monetary Authority of Singapore ` inlet 2007Regula tory foil is an essential grammatical constituent in making regulation in force(p) and sightly - and is so a neckclothamental foundation for deep liquid markets . miss of enhancer in the implementation of laws and regulations can severely draw a blank the ability of pecuniary institutions to debate fairly . pecuniary string firms face non- responsibility barriers in the form of regulatory restrictions , and escape of foil in the implementation and application of regulations . These barriers can sustain approach shot in much the same way as tariffs exclusively , unlike tariffs , no quantitative mechanism personifys to contract them ( loseritz , 2003From a pedigree stand level off , maintaining a high take aim of transparentness is as essential to a successful financial serve symmetricalness as tariff cuts are to an agreement on manage in goods . Lack of transparentness in the implementation of laws and regulations - including limited usual detect peri ods on proposed regulations , non-transparent laudat! ion mechanisms for firms and financial products , or other practices that are not dealt with consistent to written regulations can drastically impede the ability of securities firms to struggle fairly (Lackritz 2003Regulatory prohibitions also limit the ability of Singaporean firms to compete in abroad markets . In some aspects , the barter of factized products requires regulatory approval . In other spokespersons , the ability to engraft is impaired by restrictions on new licenses . Elimination of these barriers is mingled , especially when the MAS determines these barriers are prudential in record - that they know to protect the safety of consumers and the soundness of the marketplace . However critics take down out that many of the regulatory restrictions constituted by the MAS go beyond any legitimate prudential objective (Lackritz 2003Section 4 .Exchange Rate PolicyFrom 1981 , Singapore s monetary policy has been focused on the exchange rate which is deemed as a more effective tool in controlling inflation apt(p) the excellent size and the cleanness of the Singapore economy . The Singapore buck (S ) exchange rate is managed against not lone(prenominal) the US dollar or any single external currency , but against a ring of currencies comprising the currencies of the country s major traffic partners and competitors . The MAS regularly reviews and revises the composition of this field goal of currencies , taking into account changes in Singapore s trade patterns . This trade- torpid exchange rate is broadly maintained with an un produced target much , since how much the trade-w eight-spoted S is al paltryed to estimate or belittle depends on the level of global inflation and house retainer price takeures , among other things (Monetary Authority of Singapore , `Introduction 2007The pick of exchange rate , rather than money add unitedly or interest rate has been further influenced by Singapore s want of natural resource s The nation has to import even the or so basic of n! ecessities . Out of every S 1 pass in Singapore , 54 cents go to imports . This implies that house servant prices in Singapore are very much influenced by foreign prices , partly due to the accompaniment also that its economy is of such a menial size . As such , foreign price increases ordain lead to high interior(prenominal)ated prices which in turn can be offset by changes in the exchange rate (Monetary Authority of Singapore , `Introduction 2007The exchange rate can also affect domestic help be and prices abbreviateures Since Singapore has a small domestic market , its scotch development intention has always focused on producing exports for the rest of the world , with exports or external demand comprising about dickens-thirds of exchange rate can have an cardinal influence on the demand for local anaesthetic resources , particularly cranch . This is due to the fact that a weak exchange rate can lead to the overheating of the economy , a tighter fati gue market , and as a result thereof , higher growth of domestic wages and other costs (Monetary Authority of Singapore , `Introduction 2007MAS is also very well-defined to capital flows . Small changes in the disagreement among domestic and foreign interest place would lead to large and quick bmments of capital . regrettably , this bring ons it knockout to target money return in Singapore , since net flows of funds from abroad light upon up the bulk of changes in domestic money return . In the same vein , domestic interest rate are mostly inflexible by foreign range and market expectations of the movement of the Singapore dollar Any attempts by MAS to raise or frown domestic interest rank over a huge period of time would in effect be prevent by a shift of funds coming in or out of Singapore (Monetary Authority of Singapore `Introduction 2007Section 5 .The Need for transparentness transparency is an in-chief(postnominal) tool for enhancing the performance an d earth accountability of a financial institution . ! In responding to the crisis in Asia , pay ministers and central bank governors from a number of systemically significant economies met in Washington , D .C . in April 1998 to examine issues link up to the stability of the external financial system and the effective surgical procedure of global capital markets . The April meeting was attended by pay ministers and central bank governors from Argentina , Australia , Brazil , Canada China , France , Germany , Hong Kong SAR , India , Indonesia , Italy , Japan Korea , Malaysia , Mexico , Po footing , Russia , Singapore , South Africa Thailand , the joined Kingdom and the United States . The heads of the BIS , IMF , OECD and the domain savings bank , as well as the Chair of the retardation commission , attended as observers . In their discussions , ministers and governors stressed the splendour of fortify the internationalist financial system through action in three key areas : 1 ) enhancing transparence and accountability 2 ) fortify domestic financial systems and 3 ) managing international financial crises ( deposit for International Settlements 1998The Working Group on Transparency and right considered the contributions that transparency and accountability can take aim to improvements in economic performance , as well as the nature of info mandatory for effective transparency and accountability Members particular enormousness to enhancing the relevance reliability , comparability and understandability of education discern by the mystic sector . They suggested that priority be given to compliance with and enforcement of high-quality accounting standards There was also a consensus on the need to improve the coverage frequency and opportuneness with which atomic number 16 on foreign exchange reserves external debt and financial sector soundness are published . what is more members recommended that servant be given to compiling and publishing randomness on the international exposures o f investment banks hedge funds and other institutiona! l investors (Bank for International Settlements 1998These recommendations provided for by the Working Group on Transparency and Accountability have not necessarily been followed by the participants in the assembly , such as Singapore in this case . At best these recommendations are ideal or best-case scenarios to ensure transparencyWhen the Asian financial crisis erupted , many Asian economies were caught by astonishment . Unlike Latin America , the crisis in Asia came by and large from the clandestine sector . If humans institutions , such as central banks or finance ministries , were found wanting , it was not because they pursue wrong macro-economic demand management policies , but because they failed to safeguard the stability of the financial system . Countries in the region had rushed to liberalize their financial systems and capital accounts in the first place competent safeguards were in place . All was well as coarse as money continued to flow in . Banks were flushed with liquidity due to strong injections of capital and rising summation pass judgment . regrettably , banks lent to a fault to change magnitudely dry and speculative sectors of the property and nisus markets . When capital flows reversed and asset prices plunged collateral values collapsed and banks were caught with substantial loans that could not be repaid . buck private firms had also borrowed excessively and short-term from overseas , without proper hedgerow and matching of maturities . In many cases , risk management and control mechanisms in banks and companies were mechanisms were adequate , banks and companies were lulled into complacency by the macroeconomic policy environment . The government were sending wrong signals to the market by implicitly guaranteeing stable exchange rates . Attracted by refuse interest rates in offshore markets for the U .S . dollar and other currencies , domestic banks and companies borrowed heavily overseas . Institutional wea knesses not completely contributed to the crisis , t! hey also seriously impede the adjustment member . Asia urgently needed to build and strengthen its institutions so that the Asian nations could cope with changing macroeconomic conditions . During this call for rebuilding , the principles of transparency and accountability emerged as fundamental particles to the successful reform of institutions (Hu 1998It is always dangerous to appreciation the markets guessing . Investors assume the worst when governments and companies are perceived to be withholding information . The regulators must portion out some of the province for this . Weak company and securities laws do not compel firms to make adequate manifestation . To ensure transparency , there must be proper rules on disclosure , which helps enforce market discipline (Hu 1998In Singapore , the MAS has continuously move ond local banks to disclose their exposure to the regional economies . It has set up a charge on banking disclosure standards , consisting mainly of repres entatives of private sector banks , to recommend ways to improve disclosure . In addition , the International Monetary Fund (IMF ) drafted a figure of good practices on fiscal transparency (Hu 1998Its key points (four out of eight recommendations ) are that procedures and responsibilities in government should be clearinformation on government activities should be provided to the exotericbudget preparation , execution and insurance coverage should be undertaken in an open mannerfiscal information should be subjected to self-sufficing integrity checks (Hu 1998Since the Singapore government s endorsement of the Report on Banking Disclosures in May 1998 , there has been significant progress towards great transparency in the finance sector . All eight recommendations are being employ and some are already making a difference to the type and extent of information purchasable . This was most understandably in evidence latterly when one of Singapore s bounteous Four local banks , OC BC d its annual report . innovative laws forced the ! company to reveal its hidden assets which many analysts had previously estimated at around double the figure of S 2 .11 billion declared (Rodan 1999Section 6 .Transparency ReformsIn the IMF s 1999 assessment of Singapore reforms , it called for improved data on consolidated public sector operations and on medium-term fiscal projections , as well as on trade , reserves , and government assets held abroad . Transparency reforms are now an integral lot of the government strategy to elevate Singapore to the status of a world-class financial center . The strategy included a world-wide value of financial services , with particular focus on fund management and bond markets . MAS has a leading role in the transformation of Singapore s regulatory and reportage regimes . By international transparency standards , though , Singapore starts from a very low base and it remains to be seen how far the government is hustling to go beyond the corporate disclosure agenda . discipline contro l has in the past been a strategic element of the Singapore Inc . model - date is either un accessible or provided on a need to know alkali to investors (Rodan 1999Since the ground has extensive direct and indirect economic influence important reforms for transparency would necessarily have to cover government departments and government-linked companies (GLCs . Temasek Holdings Ltd . owns more than 1 ,000 companies on behalf of the Ministry of finance , GLCs control most land in Singapore , and national savings are largely steered through the separate-run compulsory superannuation scheme or deposited in state banks . Yet reporting by many GLCs and public authorities have historically been limited . For example , Temasek reports solo to the Finance Minister and a parliamentary budget commissioning . The organisation Investment Corporation (GIC , which manages more than S suckle billion of Singapore imposepayers money , operates in virtual muteness . entropy on the level s and make-up of guest workers in Singapore and trade! figures between Singapore and Indonesia have also been traditionally withheld for political or commercial reasons (Rodan 1999Why would MAS benefit from more transparency ? The reason is that according to index finger of Economic independence 2007 , Singapore s economy is 85 .7 submit , making it the world s second disembarrassst economy . This means that Singapore is considered as a world leader in all 10 areas of economic immunity ( mogul of Economic emancipation200794 .6 Business granting immunity - In Singapore , kickoff a business takes an average of 6 geezerhood , as compared to the world average of 48 days Obtaining a business license and closing a business require wholly simple steps80 consider Freedom - In 2003 , Singapore s weighted average tariff rate was 093 Fiscal Freedom - first base income tax rates . The top income tax rate is 22 and the top corporate tax is only 20 . In 2006 , overall tax revenues as a percentage of the gross domestic product was 1386 .2 Freedom from Government - consumption and transfer payments , are low in Singapore89 .5 Monetary Freedom - Inflation is low , averaging 0 .

8 between 2003 and 200590 Investment Freedom - Foreign and domestic businesses are tempered equally , with no production or local meaning requirements , and nearly all sectors open to degree centigrade foreign ownership90 space Rights94 Freedom from Corruption - As earlier mentioned , Singapore ranks fifth out of 158 countries in Transparency International s Corruptions Perceptions ability from 2003 and until belatedly in 200550 pecuniary Freedom - Regulated by the MAS99 .3 delve Freedom80 swap FreedomSection 7 . entropy Disclosed by the MASTransparency is important to better enhance th! ese 10 granting immunitys . For lawsuit , Singapore could do slightly better in pecuniary Freedom , which at 50 t is the only one of the 10 Economic Freedoms which is below 80 Despite the government s dashing goals of promoting the nation as a global financial hub , state influence in the banking system persists . Although credit is readily available and more often than not allocated at market rates , the government controls the suppuration Bank of Singapore (the largest domestic bank group and publically listed ) and indirectly holds significant minority shares in the other two domestic bank groups (Index of Economic Freedom 2007In 2005 , the government launched the SME access bestow Program , a new financing scheme for small and medium-sized enterprises . Foreign banks have been granted great freedom to open branches and offer services but the government seeks to maintain the domestic bank share of deposits above 50 and requires that the majority of board members of domestic banks must be Singapore citizens and residents . sise foreign banks possess qualifying full bank licenses . new(prenominal) foreign banks face more restrictions on their activities (Index of Economic Freedom 2007A free trade agreement (FTA ) between Singapore and the US has greatly disentangled restrictions on U .S . banks in Singapore . A report by the Securities Industry Association (SIA ) in the US provides that the FTA between the US and Singapore plays an important role in increasing trade in the financial services of both countries , enhancing and strengthening capital market efficiency , and bolstering financial sector stability The success of the FTA was measured in the undermentioned key criteria (Lackritz 2003Permit 100 ownership , as well as right to throw in corporate form of choiceProvide national make doment (i .e , treat foreign financial sector participants and investors on the same basis as domestic investors for regulatory and other purposesCommit t o procedural aspects of regulatory transparency (incl! uding commitments on prior commentEliminate economic needs tests andPermit dispersion and processing (within country and cross-b ) of financial information to provide clients with services necessary for the conduct of ordinary businessThe fundamental emphasis thus of such FTA is to call for the need for transparency . According to SIA , the FTA has helped to advance Singapore s goal of becoming a key international financial hub . In 2002 investors from Singapore acquired 9 .2 billion of U .S . securities - in comparison , of EU members states , only UK investors exceeded this 143 .3 billion . In addition , purchases and sales of U .S . securities pass 252 billion , ranking in the top dozen most active countries (Lackritz 2003The 2005 /2006 MAS annual Report indicates transparency in a good number of areas . Common risk assessment and mannequin techniques for supervision are discussed , as well as Inspections and supervisory appraises such as Thematic Inspections Relation to Anti-Money Laundering /Countering pay of Terrorism . smart Legislation are also disclosed , as well as measures for Enhancing Regulatory Frameworks , such as Regulations for Islamic Finance and Revision to Requirements on Submission of Annual Audited Accounts . It further discusses mart and Business Conduct , Risk prudence , pecuniary food market Activity , Building a military personnel severalise Talent Pool , Forging Alliances with the International monetary community , Economic evolutions and Monetary Policy in Singapore and in the world economy , MAS organizational initiatives , and most importantly , MAS Financial storys . These include Financial Statement Highlights , MAS Income Statement , equilibrize woodworking plane , Auditor s Report , Statement of Changes in honor , coin Flow Statement , Statement of Backing of Currency in Circulation , and Notes to the Financial StatementsIn the MAS official website (network .mas .gov .sg , online financial statemen ts are also available . It has Annual Reports from 9! 7 /98 online until 2005 /2006 . Reports and Consultation s are also available showing comments and feedback on MAS existent or proposed regulatory measures , or important supervisory policy issues , and MAS response to these comments and feedback . MAS Surveys of Professional Forecasters for debauchch 2007 and regretsember 2006 are also available , as well as Surveys of the Singapore corporate Debt Market from 1999 to 2004 , the MAS treasury /FX Surveys from 1999 to 2004 , Surveys of the Asset Management Industry , from 1998 to 2005In the MAS website , there are also Monthly Statistical Bulletins (which contains monetary and financial developments i .e . data on financial markets available in the website , Macroeconomic Review , Financial Stability Review , Financial Sector Development Fund for 2005 /2006 , Staff s , Information s , Monographs , Consumer Guides , and reports by other organizations such as the domain of a function BankSection 8 . Transparency Shortcomings o f the MASThe International Advisory Panel was schematic by the MAS in 1998 composed of the heads of the different major international companies operating within Singapore . IAP recommendations to the MAS has over the years prominently displayed an absence in any call for a free media to assist the finance sector s development . Corporatist structures of the type which support free media participation would provide potential avenues for privileged information gathering and behind the scenes lobbying (Rodan , 2002 . According to Rodan (2002 , interviews with fund managers investing in Singapore also reveal that transparency s importance to their decisions is uncompleted static , nor principally determinant , and this whitethorn in part explain the surge for reform in Singapore during 1999 and 2000 . alas , even despite this reform trajectory , the MAS continued to be characterized by low levels of transparency - such as neediness of disclosure in the limited sense in rec ounting to detailed corporate disclosure regimes , or! the more well-rounded sense that includes media freedom . Business leaders in Singapore also feel that transparency is mainly relevant to long investors and less important to traders with very rapid turnover descent in the search of quick returns . After all , in Singapore , the average holding period is merely 6 weeks . It is thus important to make the distinction between investors and punters . Investors make long-term decisions and thus want predictability . For them , the demand for transparency is greater , and disclosure of information is crucial to determine predictability and risk drop-off (Rodan 2002Section 9 .ConclusionAlthough information disclosed through the MAS website , annual reports , and financial statements are quite comprehensive , the MAS continues to lack market transparency on a range of basic services . For instance , data on levels and make-up of guest workers in Singapore trade figures between Singapore and Indonesia , and many financial reporting involving transactions involving government departments and government-linked companies have historically been limited . info is either unavailable or provided on a need to know basis only for investors . The lack of a political legitimacy for the absence of checks and balances , including the absence of a free press may threaten Singapore s financial predictability and stability , and may scare of potential investors (Rodan 2002Transparency however is the key element in predictability and risk reduction , the two main factors that long-term investors perceive for before they venture into business in Singapore or any other country . Improving transparency pass on help to increase the number of long-term investors in Singapore and will ultimately greatly enhance economic stability WORKS CITED LISTBank for International Settlements . Reports on the International Financial architecture - Reports of working groups . Oct . 1998 . 31 Mar 2007 . hypertext transfer protocol / web .bis .org /publ /othp01 .htmDube , C . Percept! ions of corruption in Asia - Results from Transparency International s 2003 Index . UCLA International Institute . 30 Nov . 2003 31 Mar . 2003 hypertext transfer protocol / entanglement .international .ucla .edu / condition .asp ?parentid 5299Hu , R . East Asia need Transparency and Financial Oversight International Herald Tribune . 6 May 1998 . 31 Mar . 2007 http /www .iht .com /articles /1998 /05 /06 /edrich .t .phpLackritz , M .E . gap Trade in Financial services - The Chile Singapore practice session . Securities Industry and Financial Markets Association . Statement for the Record before the Subcommittee on Domestic and International Monetary Policy , Trade and Technology . House Financial operate Committee , United States House of Representatives . 1 Apr . 2003 . 31 Mar . 2007http /www .sia .com / affidavit /2003 /chilesingaporetestimony .htmlMonetary Authority of Singapore . A walk-to(prenominal) look at . Monetary Authority of Singapore . political economy Expl orer 1 . Sept . 1999 . 31 Mar . 2007 http /unpan1 .un .org /intradoc /groups /public /documents /APCITY /UNPAN005219 .pdfMonetary Authority of Singapore . Annual report 2005 /2006Monetary Authority of Singapore . Introduction to MAS . 4 Feb . 2007 . 2 Apr . 2007 . http /www .mas .gov .sg /about_us /Introduction_to_MAS .htmlRodan , G . Do Markets Need Transparency ? The Pivotal Cases of Singapore and Malaysia . New semipolitical Economy , Vol . 7 , No . 1 , 2002 , pp . 23-47Rodan , G . Transparency And Finance Sector Reform . Asean Focus Group Asian Analysis . May 1999 . 1 Apr . 2007 http /www .aseanfocus .com /asiananalysis /article .cfm ?articleID 147Singapore . Index of Economic Freedom 2007 . 2007 . 31 Mar . 2007 http /www .heritage .org / look for /features /index /country .cfm ?ID SingaporeWikipedia , The Free cyclopedia . Monetary Authority of Singapore 2007 . 31 Mar . 2007 http /en .wikipedia .org /wiki /Monetary_Authority_of_SingaporeWong , S .Y . great trans parency and more disclosure in Sentosa IR shimmer Ch! annel NewsAsia . 4 Dec . 2006 . 31 Mar . 2007 http /www .channelnewsasia .com /stories /singaporelocalnews /view /245218 /1 .htmlPAGEPAGE 20 ...If you want to get a full essay, disposition it on our website: OrderEssay.net

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