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Singapore pauses tightening monetary policy, focuses on economic growth

After focusing on curbing inflation, the Monetary Authority of Singapore (MAS) has decided to pause monetary policy tightening as it considers growing risks confronting the economy.
Singapore pauses tightening monetary policy, focuses on economic growth ảnh 1Monetary Authority of Singapore (Photo: VNA)
Singapore (VNA) - After focusing on curbing inflation, the MonetaryAuthority of Singapore (MAS) has decided to pause monetary policytightening as it considers growing risks confronting the economy.

The April 14 decision marks the first time in more than ayear that the MAS is standing pat on monetary policy, after making fiveconsecutive tightening moves since October 2021 to tame inflation.

The Singaporean economy is already showing signs of hittingthe brakes, with advance estimates for the first quarter of 2023 indicatingthat year-on-year growth was 0.1%, a sharp slowdown from 2.1% in the previousquarter.

Growth momentum has slowed significantly and inflation peaked, and likely to moderate going forward. The changing risk dynamicsbetween growth and inflation has prompted MAS to rebalance its exchangerate policy, said a note from DBS Group Research.

MAS, which uses the exchange rate as its main policytool, said it will maintain the prevailing rate of appreciation of itsSingapore dollar nominal effective exchange rate (S$NEER) policy band. Therewill also be no changes to the width and the mid-point of the band, it added inits half-yearly policy review./.
VNA
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