Why S'pore rejected the central bank system when introducing the S'pore dollar in 1967
Singapore was advised to follow suit. International Monetary Fund (IMF) missions to Singapore during this period recommended the adoption of a central bank system.
https://mothership.sg/2021/10/sgd-hi...HUMxsBGyplbrMo
Though the note issue is but one component of money supply (M1), it nevertheless is the fulcrum on which banks create credit.
Only if the country accumulated more reserves by exporting more than it consumed could monetary conditions be more accommodating. (or QE unlimited)