Singapore deputy prime minister and finance minister Lawrence Wong will become the chairman of the Monetary Authority of Singapore from July 8.

Wong will replace Tharman Shanmugaratnam as chairman of the MAS’s board of directors, a role Tharman has held for 12 years, since May 2011. Wong’s term will end on May 31, 2026, the MAS said in a statement.

The MAS board oversees the central bank’s policy, business, and administrative affairs. It informs the government of the MAS’s regulatory