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.
A supermarket in Singapore (Photo: CNA)According to the newly-published MAS Monetary Policy Statement, the authority kept the slope and width of the policy band unchanged.
This policy move, building on previous tightening moves, is expected to help slow the momentum of inflation and ensure medium-term price stability.
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's GDP growth is projected to come in at the lower half of the 3-5% forecast range for 2022 as a whole, as slowing external growth momentum will weigh on the country's trade-related sectors in the second half of the year, but the domestic-oriented and travel-related sectors are expected to continue their recovery and support economic expansion.
As for 2023, in tandem with a weaker global economic environment, the MAS said that Singapore's GDP growth will moderate further.
Meanwhile, the MAS lifted its 2022 forecast range of MAS core inflation to 3-4% from 2.5-3.5% expected in April, and that of CPI-All Items inflation to 5-6% from 4.5-5.5%./.
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