On 14 April, the Monetary Authority of Singapore (MAS) stated that it will re-centre the Singapore dollar policy band upwards ? with no immediate change to the slope or width of the band. According to MAS officials, the ?adjustment takes into account the tighter policy stance adopted in April and October last year, which will continue to have a restraining effect on the economy and prices?. In its statement, the MAS highlighted that its policy stance ?will ensure price stability in the medium term while keeping growth on a sustainable path?. The MAS conducts its monetary policy through the management of the exchange rate, rather than using interest rates. Monetary authorities review their policy twice a year and last tightened the reins on 14 October, when they widened the exchange rate policy band and increased its slope. The MAS announced the new measure at the same time as the Ministry of Trade and Industry (MTI) published better-than-expected growth in the first quarter, confirming an improvement in final demand after a temporary slowdown during the second half of last year. That said, a monetary tightening was broadly expected by market analysts, as inflation has hovered above the official 3.0 - 4.0% forecast for this year since December last year.
Singapore Monetary Policy
MAS tightens reins for a third time in one year
April 14, 2011
Looking for forecasts related to Monetary Policy in Singapore? Download a sample report now.
Singapore Economic News
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.
September 23, 2016
In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July.