Singapore Deputy PM Wong Named Chair of MAS, GIC Committee
- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
(Bloomberg) -- Singapore Deputy Prime Minister Lawrence Wong will become chairman of the central bank as well as the investment strategies committee of the sovereign wealth fund GIC Pte, according to separate statements Monday.
Most Read from Bloomberg
Xi’s Metal Curbs Risk Backfiring as G-7 Seeks China Alternative
China Restricts Export of Chipmaking Metals in Clash With US
Lazard Fires Senior Banker for Inappropriate Behavior at Party
Bank of America Says it Started Talks With Fed After Stress Test Results
Wong, who is also the city’s finance minister, is succeeding Tharman Shanmugaratnam at both the Monetary Authority of Singapore and GIC. His MAS appointment will be from July 8 to May 31, 2026 and his GIC role is effective July 7. Wong, broadly seen as the prime minister-in-waiting, has been deputy chairman of MAS since June 2021.
Minister for Trade and Industry Gan Kim Yong was named deputy chairman of the MAS.
Tharman, a former deputy prime minister, announced his decision in June to leave all government positions to contest an upcoming presidential election in the city-state. He has been MAS chairman since 2011.
The MAS board informs the government of the regulatory, supervisory and monetary policies of the central bank. Singapore’s policymakers expect this year’s economic growth to remain sluggish and range from 0.5%-2.5% amid China’s weaker-than-expected rebound and dimming global landscape.
--With assistance from Natalie Choy.
(Adds additional detail and background throughout.)
Most Read from Bloomberg Businessweek
The Air Jordan Drop So Hot It Blew Up an Alleged $85 Million Ponzi Scheme
A Pop-Up Concert Company Gives Bands a Place to Perform, and 70% of the Profit
How a Prison Gang Inspired by Hollywood Heists Stole $23 Million
EBT Skimmers Are Draining Millions of Dollars From the Neediest Americans
How a $100 Cheetah Cub Becomes an Illegal $50,000 Status Symbol
©2023 Bloomberg L.P.