On 12 August 2004, Goh stepped down as Prime Minister and began service as Senior Minister in Lee Hsien Loong's Cabinet. On 20 August 2004, Goh assumed the post of Chairman of the Monetary Authority of Singapore.[9] After a number of threats of terrorism in Singapore, Goh met local Islamic religious leaders in 2004, and made a visit to Iran, where he met Iranian president Mohammad Khatami, and visited local mosques. The Straits Times speculated that this was meant to develop relationships between Singapore and Iran.