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Lawrence Wong, Singapore’s finance minister and deputy prime minister in Sept, 2021.
Bloomberg | Bloomberg | Getty Images
The Monetary Authority of Singapore (MAS) named Deputy Prime Minister Lawrence Wong as chairman of its board of directors effective July 8.
Wong, who is the country’s finance minister, will replace Tharman Shanmugaratnam, who held the role for 12 years since May 2011, the release said.
MAS is the country’s financial regulator and central bank.
Wong, who was deputy chairman of MAS since June 2021, will serve as chairman until May 31, 2026, according to the press release.
Singapore’s Minister for Trade and Industry Gan Kim Yong will be appointed deputy chairman of the MAS Board for the same period, from July 8 to May 31, 2026.
Singapore’s Straits Times index saw a bounce shortly after the announcement, paring earlier losses and last traded 0.33% higher.
This is a breaking news story. Please check back for updates.
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