Singapore Currency Intervention Seen in Interbank Rate Above 1%
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The Monetary Authority of Singapore may be buying the local dollar to strengthen it, just two months after the city state joined a global wave of policy easings.
Singapore’s interbank offered rate rose above 1 percent on Tuesday for the first time since the global financial crisis in 2008. That signaled to the Commonwealth Bank of Australia that the MAS is being forced to intervene after its unexpected easing in January pushed the Singapore dollar to the bottom of its policy band, according to Andy Ji, a Singapore-based strategist for the lender.