The Monetary Authority of Singapore (MAS) has expressed its sorrow at the passing of Lee Ek Tieng, who served as the organisation’s Managing Director from November 1989 to December 1997 and as Deputy Chairman from January 1998 to December 2000. Lee is credited with guiding MAS through significant challenges, including the collapse of Barings Bank in 1995, and implementing vital regulatory measures to enhance financial stability.
Lee’s tenure at MAS was marked by his efforts to strengthen cooperation with regional central banks, fostering closer relationships through dialogue and collaboration. His leadership was instrumental in transforming MAS into a more transparent and cohesive organisation, with improved policy coordination across departments.
MAS acknowledged Lee’s legacy of stewardship and dedication to public service, which set high standards of excellence within the organisation. “He was instrumental in the transformation of MAS, fostering better coordination and integration of policies across departments, greater transparency as an organisation, and a more cohesive organisation,” the statement read.
The authority conveyed its deepest condolences to Lee’s family, recognising his exemplary leadership and sterling service. His contributions have left a lasting impact on MAS and the broader financial community.
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