Monetary Authority Of Singapore Monetary Policy Statement - April 2021 Date
INTRODUCTION
1. In its October 2020 Monetary Policy Statement, MAS kept the rate of appreciation of the S$NEER policy band at zero percent per annum, with no change to the width of the policy band or the level at which it was centred. This policy stance was assessed to be appropriate in view of the weak outlook for core inflation. While core inflation was expected to rise and gradually turn positive this year, it would stay well below its long-term average.
Chart 1
2. Over the last six months, the S$NEER has fluctuated slightly above the mid-point of the policy band. The S$NEER has appreciated modestly, reflecting in part the strengthening of the S$ against most reserve currencies as global risk sentiment improved. The three-month S$ SIBOR was broadly unchanged at 0.4%.