The move met market expectations, as 19 out of 20 economists polled by Bloomberg had anticipated no change to policy settings. Bank of America (BofA) was the only one that predicted a tightening this week.
The Monetary Authority of Singapore (MAS) will maintain the current rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band. The central bank said, in its Jan 29 announcement, that it will not change the band’s width and the level at which it is centred.
“MAS is in an appropriate position to respond effectively to any risk to medium-term price stability and will continue to closely monitor economic developments amid uncertainties in the external environment,” it says.
