Singapore keeps monetary policy unchanged
Oct 14, 2023
Singapore, October 14: The Monetary Authority of Singapore (MAS) kept its exchange rate-based monetary policy unchanged on Friday, doing so for the second time this year.
MAS will closely monitor global and domestic economic developments, amid uncertainty on both inflation and growth, according to the latest MAS Monetary Policy Statement.
MAS stated that Singapore's economic growth is anticipated to rise gradually in 2024. However, they cautioned that the recovery might be less robust than anticipated due to a volatile global economic landscape.
The statement also highlighted that core inflation, a crucial gauge for the MAS, has decreased and is expected to continue its downward trend throughout the upcoming year.
The MAS said it would shift to a quarterly schedule of policy statements in 2024 from semi-annual.
As part of the increased frequency of its policy statements, monetary policy will be reviewed in January, April, July and October instead of just April and October.
The Singapore economy grew 0.7 percent year on year in the third quarter this year, according to advance estimates from the Ministry of Trade and Industry on Friday.
Source: Xinhua
