While still operating under broadly the same mandate of promoting monetary stability and maintaining a sound financial system, the governing legislation has been subject to a number of reviews; and there have been several reorganisations to accommodate the evolving nature of responsibilities.
In a paper published in 1954, Professor Lewis pointed out that, in the case of an economy with overpopulation, once capital is supplied through the import of foreign savings, for example, and combined with the domestic low-waged human resources, an economic environment of low wage cost with high return in industrial sector would be formed, making it possible to achieve high growth.