Monetary Authority of Singapore

Monetary Policy Eased in Singapore

October 15, 2019

Singapore’s monetary policy is reviewed by it Monetary Authority (MAS) semi-annually in April and October, and policy tool used is an allowed band for the trade-weighted Singapore dollar, rather than a domestic interest rate. Three-month Sibor is currently at 1.9%. The S-dollar’s policy band has three elements: a mid-point, the band’s width, and a prescribed […] More

Monetary Authority of Singapore’s Semi-Annual Policy Review

April 13, 2018

Monetary policy in Singapore is subordinated to the enforcement of a targeted exchange rate corridor. Officials do this by specifying three variables: the width of the Singapore dollar’s (SGD) prescribed trading corridor, the mid-point of the corridor, and the corridor’s upward or downward slope over time. In the face of downgraded growth and inflation prospects, […] More

Semi-Annual Review of Singapore’s Monetary Policy

April 13, 2017

The Monetary Authority of Singapore does not target an interest rate. Instead, monetary policy in a domestic money market sense is derivative of currency policy. The goal is a target corridor for the Singapore dollar’s trade-weighted value. Goals are made for the width of the currency band, its slope over time, and the mid-point between […] More

Unchanged Monetary Policy in Singapore

October 14, 2016

Interest rate policy in Singapore is subordinated to an exchange rate target corridor, defined by the following three elements: the band’s width, midpoint and slope. The Monetary Authority of Singapore assesses the policy stance twice a year in April and October. Policy was loosened at both meetings of 2015 by flattening the upward slope of […] More

Singapore’s Semi-Annual Monetary Policy Statement Adopts a Neutral Policy Stance

April 14, 2016

The Monetary Authority of Singapore (MAS) subordinates monetary policy to an exchange rate target and had run a stance of gradual trade-weighted appreciation of the Singapore dollar for the past six years.  The rate of permitted appreciation had been flattened somewhat at an unscheduled January 2015 meeting and again last October.  In fact, the average […] More

Some Investor Caution Returns

April 14, 2016

Yesterday’s stock market rally carried into Asia but not Europe. Share prices rose 3.2% in Japan, 1.3% in Australia, 1.8% in South Korea, 1.9% in India and 0.5% in China. Equities in Europe have settled back 0.7% in Greece, 0.4% in Spain and Italy, and 0.1% in the U.K. and France.  The German Dax is […] More

Singapore Monetary Stance Eased Slightly

October 15, 2015

From a tightening in April 2012 through the end of 2014, there had been no change in the policy of the Monetary Authority of Singapore.  Singaporean interest rate policy is subordinated to an exchange rate objective, defined by an allowed corridor of fluctuation in the trade-weighted S-dollar of specified slope, band width and band-midpoint.  Policy […] More

Monetary Authority of Singapore’s Stance Kept Unchanged

April 14, 2015

Monetary policy in Singapore is subordinated to an exchange rate policy.  Like the previous five semi-annual reviews, the mid-point, slope, and width of the Singapore dollar target band were left unchanged.  A policy tightening in April 2012 via a steepening slope in the currency corridor reversed a flattening slope that was implemented six months earlier […] More

Monetary Authority of Singapore Announces Unscheduled Tweak of its Currency Policy

January 28, 2015

Interest rate policy in Singapore is subordinated to a targeted exchange rate trading corridor, defined by a midpoint, a fixed trading bandwidth, and the slope of the corridor.  Normally, policy is reviewed in April and October.  However, after revising projected CPI inflation down a full percentage point to plus-or-minus 0.5% this year, officials flattened the […] More

Monetary Authority of Singapore’s Semi-Annual Policy Review

April 14, 2014

The last monetary policy change was a tightening in April 2012.  For the third semi-annual review in a row, MAS officials concluded that current settings remain appropriate.  Domestic interest rate policy is subordinated to an exchange rate target corridor, whose upward slope was steepened two years ago.  Today’s statement defends the current policy as follows, […] More

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