Singapore Monetary Policy


MAS reduces appreciation slope of the Singapore dollar

At its biannual policy meeting held on 14 October, the Monetary Authority of Singapore (MAS) decided to reduce the slope of the Singapore dollar (SGD) trading band, with no change to the width of the band or the level at which it is centred. The move represents a slightly looser policy and follows April's decision to re-centre the SGD policy band upwards, with the slope and width of the band unchanged. Monetary authorities recognized that economic activity has lost steam in recent months, ?weighed down by supply-side disruptions arising from the earthquake in Japan and, more recently, by faltering global demand.? Moreover, the MAS stated that ?growth in the Singapore economy could fall below its potential rate of 3-5%. Thus, core inflation should ease next year, although headline inflation could stay elevated in the near term, reflecting the higher imputed rental cost of owner-occupied housing.?


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