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SINGAPORE Singapore’s central bank left its monetary policy settings unchanged on Wednesday, as widely expected, and said its current accommodative policy stance remained appropriate.
The Monetary Authority of Singapore (MAS) manages monetary policy through exchange rate settings, rather than interest rates, letting the Singapore dollar rise or fall against the currencies of its main trading partners within an undisclosed band.
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It adjusts its policy via three levers: the slope, mid-point and width of the policy band, known as the Nominal Effective Exchange Rate, or S$NEER.
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SINGAPORE (Reuters) -Singapore’s central bank kept monetary policy settings unchanged on Wednesday and said the accommodative stance was appropriate due to a benign inflation outlook and global economic uncertainties caused by the pandemic.
FILE PHOTO: A view of the Monetary Authority of Singapore s headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside/File Photo
The Monetary Authority of Singapore (MAS) was, however, more upbeat about official 2021 growth projections while data showed the economy unexpectedly growing in the first quarter from a year earlier.
The central bank manages monetary policy through exchange rate settings, rather than interest rates, letting the local dollar rise or fall against the currencies of its main trading partners within an undisclosed band.
Monetary Authority Of Singapore Monetary Policy Statement - April 2021 Date
INTRODUCTION
1. In its October 2020 Monetary Policy Statement, MAS kept the rate of appreciation of the S$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%.
Wed 14th April 2021 | 01:37 PM
The Monetary Authority of Singapore (MAS) on Wednesday announced that it will keep the rate of appreciation of the Singapore dollar Nominal Effective Exchange Rate (S$NEER) policy band at zero percent per annum
SINGAPORE, (UrduPoint / Pakistan Point News - 14th Apr, 2021 ) :The Monetary Authority of Singapore (MAS) on Wednesday announced that it will keep the rate of appreciation of the SingaporeDollar Nominal Effective Exchange Rate (S$NEER) policy band at zero percent per annum.
The width of the policy band and the level at which it is centered will be unchanged, MAS said in its latest twice-yearly monetary policy review.
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