In a highly anticipated move, the central bank kept its monetary policy stance unchanged for the second time this year. Read more at straitstimes.com.
SINGAPORE - In a highly anticipated move, Singapore’s central bank kept its monetary policy stance unchanged for the second time this year, as it balances between slow economic growth and imported and domestic price pressures.
“MAS will therefore maintain the prevailing rate of appreciation of the S$NEER policy band. There will be no change to its width and the level at which it is centred. MAS will closely monitor global and domestic economic developments, amid uncertainty on both inflation and growth.” The rate of change in consumer prices at the start of the year was the fastest since November 2008. MAS regards core inflation as a more meaningful measure of changes in consumer prices for most Singapore households.as well after conducting five rounds of tightening - pushing the S$Neer up against a basket of currencies of its major trading partners.
In August, the Ministry of Trade and Industry downgraded its economic growth forecast for 2023 to between 0.5 per cent and 1.5 per cent amid a weak outlook for Singapore’s export-driven manufacturing sector. “In the near term, global final demand is expected to soften amid elevated interest rates. Nevertheless, the risk of a sharp global downturn, precipitated by financial vulnerabilities, has receded compared to earlier in the year.
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