Singapore’s central bank left its monetary policy settings unchanged, reflecting the city-state’s concerns about its growth outlook and surprising economists who had expected another round of tightening. | Reuters
The MAS said in a statement that its previous tightening moves were “still working through the economy and should dampen inflation further”.
“Singapore’s small and open economy is starting to stagnate and feeling the full brunt of the global downturn,” he said, adding that there was a risk of Singapore slipping into a technical recession if China’s reopening boost does not materially materialize in the second quarter. Instead of interest rates, the MAS manages policy by letting the local dollar rise or fall against the currencies of its main trading partners within the S$NEER.
There will be no change to the slope and width of the policy band, known as the nominal effective exchange rate, or S$NEER.In an earlier poll by Reuters, only six of 17 economists expected to see no change and most thought there would be another round of tightening amid persistent price pressures in the Asian financial hub.Alex Holmes, senior economist at Oxford Economics, said he does not expect any unwinding of recent tightening moves until late 2024.
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