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Singapore’s MAS Unexpectedly Tightens Amid Price Pressures

  • Raises slope of currency band “slightly” to stabilize prices
  • Gross domestic product in third-quarter rose 6.5% year-on-year
Bloomberg business news
WATCH: Singapore’s central bank unexpectedly, and modestly, tightened its monetary policy settings. Haslinda Amin reports.(Source: Bloomberg)
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Singapore’s central bank unexpectedly tightened its monetary policy settings, strengthening the local dollar, as the city-state joins policymakers globally concerned about risks of persistent inflation. 

The Monetary Authority of Singapore, which manages the exchange rate as its main monetary tool, increased the slope of its currency band Thursday “slightly” from zero percent previously. That means it’s allowing the currency to appreciate against its peers in the months ahead to counter imported cost pressures.