Singapore tightens monetary policy for third time to deal with inflation
The Monetary Authority of Singapore (MAS) on April 14 tightened monetary policy, the third time since October 2021, with the aim to combat inflation that is expected to heat up.
At a restaurant in a commercial centre in Singapore. (Photo: AFP/VNA)
Singapore (VNA) - The Monetary Authority of Singapore (MAS) on April14 tightened monetary policy, the third time since October 2021, with the aimto combat inflation that is expected to heat up.
Selena Ling, chief economist and head of treasury researchand strategy at OCBC Bank, said that this tighter monetary policy stance, whichbuilds on the policy moves in October 2021 and January 2022, will slow theinflation momentum and help ensure medium-term price stability.
In its half-yearly monetary policy statement, the Singaporecentral bank said it will re-centre the mid-point of its exchange rate policyband at the prevailing level of the Singdollar nominal effective exchange rate.
It will also increase slightly the rate of appreciation ofthe band to exert a continuing dampening effect on inflation. This marks thethird consecutive steepening in the slope since October last year.
The Singapore dollar jumped about 0.5 percent to 1.3555 perUS dollar immediately after the MAS move.
MAS also raised its inflation forecasts, with core inflationnow projected to come in at 2.5 percent to 3.5 percent this year, from the 2percent to 3 percent expected in January. Meanwhile, overall inflation isforecast at 4.5 percent to 5.5 percent, from the earlier range of 2.5 percentto 3.5 percent./.
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At a restaurant in a commercial centre in Singapore. (Photo: AFP/VNA) 
