Tharman Shanmugaratnam's Presidential Inauguration Set for Sept. 14"

Tharman Shanmugaratnam's Presidential Inauguration Set for Sept. 14"

In a surprising twist of events, Tharman Shanmugaratnam, who formerly chaired the Monetary Authority of Singapore, has made headlines by securing victory in the city-state's presidential election with an impressive majority of over 70% of the votes.

As reported by Reuters, Tharman Shanmugaratnam emerged victorious in the presidential race, surpassing fellow candidates Ng Kok Song and Tan Kin Lian to secure the presidency of Singapore. 

He achieved this significant win with approximately 70.4% of the votes in his favor. His inauguration is scheduled for September 14, occurring in less than a fortnight following the election.

Nevertheless, Tharman Shanmugaratnam previously held the prominent role of the country's finance minister from 2007 to 2015. In preparation for his presidential campaign, he stepped down from his parliamentary seat in Singapore and his position as the chair of the Monetary Authority of Singapore (MAS), a role he occupied from 2011 until 2023.

It's noteworthy that while serving in his capacity as the president-elect, Tharman Shanmugaratnam had previously referred to cryptocurrency assets as "extremely volatile" and characterized them as "highly risky investment products" in a 2021 cautionary message to users based in Singapore during his tenure as the chair of MAS.

Additionally, in his role as president, Shanmugaratnam will assume the position of head of state in Singapore, serving as the nation's representative in diplomatic engagements as part of his predominantly ceremonial duties.

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