The Monetary Authority of Singapore was established in January 1971. It performs the functions of a central bank except for the issue of currency which is carried out by the Board of Commissioners of Currency.

It acts as banker, fiscal agent and financial adviser to the Government. As banker, it provides current account and deposit facilities to the Government. As fiscal agent, it manages the public debt and acts as the issuing house for all government securities. An important aspect of its role as financial adviser is its management of Singapore's official foreign reserves.

The Authority provides banking facilities to the banks, finance companies and discount houses. It also supervises the financial sector to ensure its orderly development and the maintenance of high standards of banking and commercial practices. The Authority plays an important role in the promotion of monetary and exchange rate stability conducive to the growth of the economу.

A set of three stamps in the values of 10c, 35c and 75c will be issued on 24 January 1981 to mark the tenth anniversary of the Monetary Authority of Singapore. The stamp designs are adapted, with the kind permission of the Board of Commissioners of Currency, from the design on the $50- coin which was issued recently.