The Monetary Authority of Singapore (MAS) has maintained the monetary policy unchanged for the fourth consecutive time, which is in line with market expectations, as local inflation and economic growth have slowed down.
In a statement, the MAS said it will maintain the existing appreciation rate of the nominal effective exchange rate (NEER) policy range of the Singapore dollar, and the width and midpoint of the policy range remain unchanged.
The authority said that the current monetary policy setting is still appropriate. The existing appreciation rate of the NEER policy range is necessary to suppress imported inflation and domestic cost pressures, and sufficient to ensure medium-term price stability. It is expected that the core inflation rate will continue to rise at the beginning of this year, but it will continue to slow down.
