Monetary Authority of Singapore

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

Unchanged Singaporean Monetary/Exchange Rate Policy

October 14, 2013

Singapore subordinates domestic interest rate policy to an exchange rate target corridor, which is reviewed each April and October.  The latest semi-annual review concluded with no change to the slope or width of the policy band for the Singapore dollar’s nominal effective policy band (S$NEER).  The level at which the band is centered was likewise […] More

Weak Market Tone to End Decent Week

April 12, 2013

Share prices in Europe and Asia had a difficult session.  Japan’s ten-year JGB yield climbed five basis points and is over 15 basis points above recent low.  The dollar is up 0.7% against the euro but down 0.6% against the yen in a reversal of recent movements. Euroland industrial production data were disappointing.  Investors now […] More