Singapore tightens monetary policy to fight inflation
The Monetary Authority of Singapore (MAS) has recently further tightened its monetary policy by raising the mid-point of the Singapore dollar Nominal Effective Exchange Rate policy band to its prevailing level to fight price pressures.
Singapore (VNA) - The Monetary Authority of Singapore (MAS) hasrecently further tightened its monetary policy by raising the mid-point of theSingapore dollar Nominal Effective Exchange Rate policy band to its prevailinglevel to fight price pressures.
According to the newly-published MAS Monetary PolicyStatement, the authority kept the slope and width of the policy band unchanged.
This policy move, building on previous tightening moves, isexpected to help slow the momentum of inflation and ensure medium-term pricestability.
This is the fourth tightening move by MAS since October 2021, and the second time since January the central bank has moved ahead of a scheduled meeting. The next policy statement is due in October.
The MAS said in its new policy statement that Singapore'sGDP growth is projected to come in at the lower half of the 3-5% forecast rangefor 2022 as a whole, as slowing external growth momentum will weigh on thecountry's trade-related sectors in the second half of the year, but thedomestic-oriented and travel-related sectors are expected to continue theirrecovery and support economic expansion.
As for 2023, in tandem with a weaker global economicenvironment, the MAS said that Singapore's GDP growth will moderate further.
Meanwhile, the MAS lifted its 2022 forecast range of MAScore inflation to 3-4% from 2.5-3.5% expected in April, and that of CPI-AllItems inflation to 5-6% from 4.5-5.5%./.
Singapore on June 21 announced a support package worth 1.5 billion SGD (about 1.08 billion USD) to provide immediate relief for vulnerable people and businesses amid rising inflation.
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A supermarket in Singapore (Photo: CNA) 
