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Intelligent Island

(Singapore) - Singapore is merging its currency board into the central bank come March 2003 in a move to streamline its institutional structure. The Currency Act will be retained and currency-in-circulation will continue to be fully backed by gold and foreign assets at all times, according to the Ministry of Finance, with no real change in the ways currency is managed expected.

The merger of the Board of Commissioners of Currency (BCCS) and the Monetary Authority of Singapore (MAS), subject to the approval of parliament, will allow the Government to rationalise common functions and realise efficiency gains.

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