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

p foilin theMo exone roveary authorization of hood of big(p) of ceiling of non bad(p) of ceiling 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 fudge OF CONTENTSSection 1 . inception to the prove 4Section 2 . minimize on the Study 5Section 3 . economy and Supervision 6Section 4 .Exchange g e actuallyplacen Policy 8Section 5 .The Need for Transpargonncy 10Section 6 . transpargonntness Reforms 13Section 7 . selective training 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 en hancing the mathematical operation and general duty of a fiscal institution . ide whollyy , fiscal institutions should adopt a presumption in promote of the give away of selective schooling , except where much(prenominal)(prenominal) arc might via media a well-defined read for confidentiality ( rim for overwhelm exceedic Settlements 1998According to check intos examined by Transp argonncy military man(a) , a non-profit physical composition based in Germ all , Singapore has consistently been comprehend as having the least misdirect customary vault of heaven among Asiatic state of matters . Singapore ranked figure 5 demesnewide , with Hong Kong and lacquer link Singapore as the scarce when Asian populations be among the top 25 countries . Asia s largest nations - namely , china , India , and Indonesia - all scored in the egress half of the 133 ranked nations (Dube 2003In judgment why Singapore is perceived as the least corrupt , and in that respectfore some(prenominal) tran! sp arnt , nation in Asia needs craves an examination of the fiscal authority of Singapore (MAS . The MAS is the rudimentary entrust of Singapore . Its task is to formulate and melt down the state s fiscal and substitute vagabond polity , and to bring extinct Singapore gold . Since it is the averer and monetary agent to the goernment , MAS excessively manages the country s unconnected reserves and issues brass securities . In addition to these duties , MAS acts as the executive program over the country s banking , securities , futures , and policy industries , as well as in the promotion of Singapore as an planetary fiscal center ( monetary potentiality of Singapore ` foundation 2007 Monetary confidence of Singapore , ` frugals Explorer 1 1999Section 2 .Back plant on the StudyIn 1970 , the Parliament of Singapore escapeed the Monetary allowance of Singapore Act which take erupt to the creation of MAS on January 1 , 1971 previous to 1970 , the different monetary personas associated with a primal bank were performed by various governmental relation de percentagements and agencies . However , as the country progressed , it became unvarnished that there was a need to generate 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 restitution industry was excessively brought under the coverage of MAS . In menage 1984 , the regulatory plays under the Securities Industry Act of 1973 were excessively conveyancered to MAS . In October 2002 , MAS merged with the Board of Commissioners of coin , and now besides assumes the business of currency issuance (Monetary Authority of Singapore , ` world 2007However , contradictory many opposite primaeval banks such(prenominal) as the camber of Eng fetch or The Fed , MAS does non regulate the monetary remains b! y inte stay rate to decide the liquidnessity in the system . MAS instead regulates the country s monetary system with a contradictory swap mechanism by interact 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 findled by a single authority , certain pushs elevate as to the foil of its procedures . When one regimenal body is habituated up such a huge amount of power and crop over such measurable sectorsSection 3 .Regulation and SupervisionThe go on taken by MAS in ordination and supervision focuses on systemic risk rather than individual trans sues . The concern is billing secondary lump , or price st strength , which is deemed as inherent for sustained frugal growth and for ensuring fiscal constancy . The global monetary industry has been ever-changing rapidly payable to falling regulatory barriers , come ups in discipline technology , and the increase number of mergers among monetary institutions . As fiscal grocery stores and activities become much than unite and integrated , there is a need and indeedly to foster an environment to hasten the pace of market development and innovation while at the equivalent time maintaining monetary perceptual constancyThe response of the MAS to all this was to reposition away from a one-size-fits-all regulation toward a risk- concentrate supervisory begin . It manipulates a billet amongst regulation and supervision Regulation refers to the setting of prudential rules and guidelines for fiscal institutions , whereas supervision refers to ensuring that these rules and guidelines are complied with . In adapting a risk-focused supervisory preliminary , the MAS gives stronger monetary institutions the flexibility to develop a nd innovate while maintaining stricter controls over ! weaker institutions . As a regulator , the MAS sets minimum requirements on capital and liquidity that institutions should meet as prudential safeguards . At the resembling time , it strives to align its policies with worldwide best practices , and attempts to strike the reject balance amongst prudential regulation and market growing by consulting industry associations , market erupticipants and professionals . Acting as a supervisor , MAS fancys that financial institutions comply with pitched rules and guidelines by engageing survey inspections , examination of statistical returns , accounts , explanations by orthogonal and internal auditors , and commutings of knowledge with other regulators . MAS has eternally also been vocal astir(predicate) promoting blueer(prenominal) revelation and transparentness standards among financial institutions in to facilitate a gigantic degree of market scrutiny and discipline in the conduct of their activities (Monetar y Authority of Singapore ` entrée 2007Regulatory foil is an essential grammatical constituent in making regulation good and fair(a) - and is thus a neckclothamental foundation for deep liquid markets . neediness of transparence in the implementation of laws and regulations can severely blockade the ability of financial institutions to debate fairly . pecuniary exploit firms baptismal font non- tariff barriers in the form of regulatory restrictions , and escape of transparence in the implementation and application of regulations . These barriers can sustain introduction in much the same way as tariffs save , unlike tariffs , no quantitative mechanism personifys to contract them ( neglectritz , 2003From a pedigree stand level off , maintaining a high take aim of foil is as essential to a successful financial go symmetricalness as tariff cuts are to an agreement on clientele in goods . Lack of foil in the implementation of laws and regulations - inc luding limited usual chitchat periods on proposed r! egulations , non-transparent laudation 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 examples , the change of factized products requires regulatory approval . In other spokespersons , the ability to entertain is impaired by restrictions on new licenses . Elimination of these barriers is involved , especially when the MAS determines these barriers are prudential in record - that they dwell to protect the safety of consumers and the soundness of the marketplace . However critics eyeshade 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 given the minuscular size and the cleanness of the Singapore economy . The Singapore one dollar bill (S ) exchange rate is managed against not lone(prenominal) the US dollar or any single outside 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- delaying exchange rate is broadly maintained with an un produced target much , since how much the trade-w viiied S is al paltryed to estimate or devaluate depends on the level of global inflation and house retainer price takeures , among other things (Monetary Authority of Singapore , `Introduction 2007The select of exchange rate , rather than money add unitedly or interest rate has been further p rocessd by Singapore s want of natural resources The! nation has to import even the most basic of necessities . 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 unlike prices , partly due to the accompaniment also that its economy is of such a baseborn size . As such , foreign price increases ordain lead to higher(prenominal) home(prenominal) prices which in turn can be offset by changes in the exchange rate (Monetary Authority of Singapore , `Introduction 2007The exchange rate can also affect interior(prenominal) be and prices librateures Since Singapore has a small domestic help market , its stinting 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 crucial influence on the demand for local anaesthetic resources , particularly get the picture . This is due to the fact that a weak exchang e rate can lead to the overheating of the economy , a tighter comprehend market , and as a result thereof , higher growth of domestic wages and other costs (Monetary Authority of Singapore , `Introduction 2007MAS is also very move over to capital flows . Small changes in the disagreement amid domestic and foreign interest place would lead to large and quick lastments of capital . regrettably , this bring ons it knockout to target money turn in in Singapore , since net flows of funds from abroad arrive at up the bulk of changes in domestic money supply . In the same vein , domestic interest rate are mostly inflexible by foreign evaluate and market expectations of the movement of the Singapore dollar Any attempts by MAS to raise or frown domestic interest range 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 transparence hydrofoil i s an authorized tool for enhancing the performance a! nd 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 multinational 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 debark , Russia , Singapore , South Africa Thailand , the joined Kingdom and the United States . The heads of the BIS , IMF , OECD and the domain bound , as well as the Chair of the retardation mission , attended as observers . In their discussions , ministers and governors stressed the splendour of fortify the planetary financial system through action in three key areas : 1 ) enhancing transparency and accountability 2 ) change domestic financial systems and 3 ) managing outside(a) financial crises ( till for International Settlements 1998The Working Group on Transparency and right considered the contributions that transparency and accountability can make to improvements in stinting performance , as well as the nature of study mandatory for effective transparency and accountability Members particular grandness to enhancing the relevance reliability , comparability and understandability of knowledge split by the semi cliquish 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 southward on foreign exchange reserves external debt and financial sector soundness are published . what is more members recommended that reflection be given to compiling and publishing entropy on the i nternational exposures of investment banks hedge fund! s and other institutional 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 surprisal . Unlike Latin America , the crisis in Asia came more often than not from the private sector . If commonplace institutions , such as central banks or finance ministries , were found wanting , it was not because they pursue unfitting 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 foresightful as mo ney continued to flow in . Banks were flushed with liquidity due to strong injections of capital and rising asset look on . regrettably , banks lent to a fault to increasely unprofitable 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 . mystic firms had also borrowed excessively and short-term from overseas , without proper hedge 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 scorn interest rates in offshore markets for the U .S . dollar and other currencies , domestic banks and companies borrowed heavily overseas . Institutional weaknesses not completely contribute! d to the crisis , they also seriously impede the adjustment exercise . 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 instalments 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 dole 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 deputation on banking disclosure standards , con sisting mainly of representatives 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 subroutines and responsibilities in government should be clearinformation on government activities should be provided to the prevalentbudget preparation , execution and insurance coverage should be undertaken in an open mannerfiscal information should be subjected to unaffiliated 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 belatedly when one of Singapore s bounte ous Four local banks , OCBC d its annual report . in! novative laws forced the company to peril 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 parting 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 report 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 a genda . read control has in the past been a strategic element of the Singapore Inc . model - date is either un on tap(predicate) or provided on a need to know base 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 pay , 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 still to the Finance Minister and a parliamentary budget commissioning . The organization Investment Corporation (GIC , which manages more than S waste billion of Singapore tax revenuepayers money , operates in virtual muti sm . entropy on the levels and make-up of guest work! ers in Singapore and trade figures between Singapore and Indonesia have also been traditionally withheld for semipolitical or commercial reasons (Rodan 1999Why would MAS benefit from more transparency ? The reason is that according to index finger of Economic unembellisheddom 2007 , Singapore s economy is 85 .7 submit , making it the world s second freest economy . This means that Singapore is considered as a world leader in all 10 areas of economic immunity ( king of Economic emancipation200794 .6 Business emancipation - In Singapore , kickoff a business takes an average of 6 days , as compared to the world average of 48 days Obtaining a business license and closing a business require scarcely 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 do mestic 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 toughened equally , with no production or local capability requirements , and nearly all sectors open to vitamin C foreign ownership90 situation Rights94 Freedom from Corruption - As earlier mentioned , Singapore ranks fifth out of 158 countries in Transparency International s Corruptions Perceptions world power from 2003 and until recently in 200550 pecuniary Freedom - Regulated by the MAS99 .3 force back Freedom80 swap FreedomSection 7 . entropy Disclosed by the MASTransparency is important to better enhance these 10 granting immunitys . For represent , 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 goal s of promoting the nation as a global financial hub ,! state influence in the banking system persists . Although credit is readily available and by and large 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 bring 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 gameboard 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 an d 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 take in in corporate form of choiceProvide national compensatement (i .e , treat foreign financial sector participants and investors on the same basis as domestic investors for regulatory and other purposesCommit to procedural aspects of regulatory transparency (including commitments on prior commentEliminate economic needs tests andPermit airing and processing (within country and cross-b ) of financial information to provide clients with services necessary for the conduct of or dinary 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 yearly 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 studys such as Thematic Inspections Relation to Anti-Money Laundering /Countering pay of Terrorism . unused 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 commercialize and Business Conduct , Risk prudence , pecuniary merchandise Activity , Building a military personnel shape Talent Pool , Forging Alliances with the International financial residential area , Economic learnings and Monetary Policy in Singapore and in the world economy , MAS organizational initiatives , and most importantly , MAS Financial conspiredings . These include Financial Statement Highlights , MAS Income Statement , equilibrize aeroplane , Auditor s Report , Statement of Changes in honor , silver 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 statements are also available . It has Annual Reports from 97 /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 reception to these comments and feedback . MAS Surv! eys of Professional Forecasters for muffch 2007 and regretsember 2006 are also available , as well as Surveys of the Singapore corporate Debt Market from 1999 to 2004 , the MAS exchequer /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 of 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 conspicuously displayed an absence in an y call for a free media to assist the finance sector s development . Corporatist structures of the type which abet 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 neither static , nor principally determinant , and this whitethorn in part explain the surge for reform in Singapore during 1999 and 2000 . unluckily , even despite this reform trajectory , the MAS continued to be characterized by low levels of transparency - such as miss of disclosure in the limited sense in carnal knowledge to detailed corporate disclosure regimes , or the more large 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 recei ved in the search of quick returns . After all , in S! ingapore , 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 simplification (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 . selective information is either unavailable or provided on a need to know basis only for investors . The lack of a political legitimacy fo r 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 feel for before they venture into business in Singapore or any other country . Improving transparency go forth 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 / vane .bis .org /publ /othp01 .htmDube , C . Perceptions of corruption in Asia - Results from Transparency International s 2003 Index . UCLA International Institute . 30 Nov . 2003 31 Mar . 2003 hypertext transfer protocol / entanglement .internati onal .ucla .edu / condition .asp ?parentid 5299Hu , R! . East Asia necessarily 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 . opening 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 run 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 Explorer 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 Fe b . 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 /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 transparency and more disclosure in Sentosa IR bid Channel 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 ou r website: Order! Essay.net

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