The Monetary Authority of Singapore (MAS) is the country's de facto central bank and chief financial regulation-setter and supervisor. The authority was created in 1971 to coordinate the city’s rapidly developing financial sector. In recent years, the MAS' breadth of regulation has expanded to the cryptocurrency market, as well. It meets only twice a year—in April and October—to set an exchange rate policy, which it uses as a tool of economic growth while uniquely allowing the city-state’s interest rate to float. The policy is set by a Board of Directors, which is headed by its Managing Director, who is appointed by a Chairman. As well as advising the government on financial law and regulation, the MAS also oversees and enforces them.