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Singapore Central Bank Keeps Policy Unchanged

  • MAS makes no change to slope, width, center of currency band
  • GDP declined 7% y/y in third quarter vs. estimate of -6.8%
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Singapore’s central bank signaled it would keep monetary policy unchanged for longer to complement a massive fiscal stimulus supporting the economy’s recovery.

The Monetary Authority of Singapore, which uses the exchange rate as its main tool rather than a benchmark interest rate, kept its policy settings unchanged on Wednesday, in line with economists’ forecasts. The slope of the currency band was left at 0%, and the width and center retained, implying the MAS won’t seek an appreciation in the currency.