Singapore’s deputy prime minister Lawrence Wong will be appointed chairman of the central bank.

Wong, who is also the country’s finance minister, is succeeding Tharman Shanmugaratnam, and his appointment will be from July 8 to May 31, 2026, the Monetary Authority of Singapore said Monday in a statement. Wong has been deputy chairman of MAS since June 2021, according to the statement.

Gan Kim Yong, Singapore’s minister for trade and industry, will also be appointed to the MAS board over the same period, and will be named deputy chairman of the board.

Earlier, Tharman, a senior minister, had announced his decision to leave all government positions to contest an upcoming presidential election in the city-state. He has been MAS chairman since 2011.

The MAS board informs the government of the regulatory, supervisory and monetary policies of the central bank.