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“A whole generation of Singaporeans take their present standard of living for granted because you had laid the foundations of the economy of modern Singapore.” —Founding prime minister Lee Kuan Yew in a letter of appreciation to Dr Goh Keng Swee on his retirement from politics in 1984. A pillar of those foundations is GIC, the investment company set up 40 years ago by Dr Goh to invest the country’s financial reserves for the long term. Why did Dr Goh found GIC? What experiences moved him to that conclusion? How has GIC developed? Listen to the gripping, untold story that began with the currency separation from Malaysia to GIC’s humble beginnings to the global sovereign wealth fund it is today. A tale of ingenuity, resilience and vision.
Episodes
Saturday Sep 18, 2021
Saturday Sep 18, 2021
The formation of the Monetary Authority of Singapore (MAS) in 1971 marked another stage in reserve management. MAS developed expertise in currencies and bonds. But a central bank faces trade-offs in balancing central banking with investment management. Nevertheless, the MAS years were productive, as the investment acumen developed was critical for the next stage.