Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economics

Economics

Singapore surprisingly maintains monetary policy as risks rise.

FILE PHOTO: The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Sin... FILE PHOTO: The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. REUTERS/Edgar Su/File Photo
FILE PHOTO: The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Sin... FILE PHOTO: The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. REUTERS/Edgar Su/File Photo

Listen to the article now

Singapore’s central bank left its monetary policy steady on Friday, surprising analysts who expected further tightening.

Singapore’s first-quarter economic growth was disappointing.

Since April 2021, the MAS has not modified its policy. However, since October 2021, MAS has tightened monetary policy five times, including two off-cycle tightenings in January and July.

Singapore follows Australia, India, South Korea, and Canada in halting policy tightening due to rising global economic concerns.

The MAS said its tightening measures were “still working through the economy and should dampen inflation further.”

Despite high core inflation, Maybank economist Chua Hak Bin said growth risks have increased for Singapore.

“Singapore’s small and open economy is starting to stagnate and feeling the full brunt of the global downturn,” he said, adding that if China’s reopening boost doesn’t materialize in the second quarter, Singapore might enter a technical recession.

After the MAS ruling, the Singapore dollar declined by over 0.4% versus the U.S. dollar.

Instead of interest rates, the MAS lets the local dollar appreciate or fall against its primary trade partners in the S$NEER.

MAS “assessed that the current appreciating path of the S$NEER policy band is sufficiently tight and appropriate for securing medium-term price stability.”

The nominal effective exchange rate (S$NEER) policy band slope and breadth will not change.

 


Comment Template

You May Also Like

Business

In response to recent US tariffs on Canadian goods, Ontario imposed a 25% levy on electricity exports to New York, Michigan, and Minnesota. This...

Business

Major US market indices fell significantly, with the S&P 500 reaching a six-month low. This slump coincides with growing concerns about a probable US...

Economy

Millions in the U.S. Northeast face steep heating bill hikes this winter due to a 10% tariff on Canadian energy imports. Low-income families are...

Finance

The insurance industry's shift toward securitized debt, driven by soaring annuity demand, underscores its focus on long-term financial security. Investments in asset-backed securities and...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok