Singapore cenbank tightens monetary policy in off cycle move
2022.07.14 03:35
FILE PHOTO: The logo of the Monetary Authority of Singapore (MAS) is pictured at its building in Singapore in this February 21, 2013 file photo. REUTERS/Edgar Su
SINGAPORE (Reuters) – Singapore’s central bank tightened its monetary policy on Thursday, in an off cycle move, saying the action will slow the inflation momentum as the city state ramps up its battle against soaring consumer prices.
The Monetary Authority of Singapore (MAS) said it would re-centre the mid-point of the exchange rate policy band known as the Nominal Effective Exchange Rate, or S$NEER. There will be no change to the slope and width of the band, it said.
“This policy move, building on previous tightening moves, should help slow the momentum of inflation and ensure medium-term price stability.”
The Singapore dollar strengthened on the move.
In April, Singapore’s central bank tightened its monetary policy to slow inflation momentum against soaring prices made worse by the Ukraine war and global supply snags.
