Current monetary policy settings remain appropriate, says MAS in a Jan 29 announcement. “The sustained appreciation of the policy band will continue to dampen imported inflation and curb domestic cost pressures, thus ensuring medium-term price stability.”
The Monetary Authority of Singapore (MAS) has maintained the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, which helps maintain the relative strength of the Singdollar. This comes amid better growth prospects this year, as well as the ongoing need to keep tabs on inflationary pressures.
According to the central bank in its Jan 29 policy statement, there will be no change to the width of the band or level at which it was centred. This follows an unchanged band at the last monetary policy statement (MPS) in October 2023. MAS had tightened its monetary policy five consecutive times since October 2021 before leaving its parameters unchanged in April 2023.
