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Singapore loosens monetary policy for first time in five years

The Monetary Authority of Singapore will "reduce slightly the slope" of the dollar trading band, which it said will ensure medium-term price stability.

The headquarters of the Monetary Authority of Singapore. (Photo: MAS)
The headquarters of the Monetary Authority of Singapore. (Photo: MAS)

Singapore (VNA) - The Monetary Authority of Singapore relaxed its monetary policy on January 24, marking the first adjustment in nearly five years, amid projections of slower inflation and economic growth this year.

MAS noted it will reduce slightly the slope of the dollar trading band, which it said will ensure medium-term price stability.

The central bank expects core inflation to average 1-2% this year, compared with the 1.5-2.5% projected in October 2024.

Singapore's imported costs should stay moderate, reflecting forecasts of global oil price declines and favourable supply conditions in key food commodity markets, MAS said.

Singapore's economy grew a forecast-topping 4% in 2024, according to advance estimates this month, but it is seen slowing to 1-3% in 2025.

The last time MAS eased policy was in March 2020, when the country braced for a deep recession due to the COVID-19 pandemic./.

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