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Singapore maintains currency policy

Source: Xinhua | 2024-10-14 | Editor:Ines

The Singapore dollar will maintain the prevailing rate of appreciation when the economy picks up growth momentum and inflation steps down, the Monetary Authority of Singapore (MAS) announced Monday.

The global economy remains broadly resilient. Singapore's growth is expected to be sustained by the ongoing upswing in the electronics and trade cycles and the easing in global financial conditions, MAS noted.

It expected the growth to come around the upper end of the 2 percent to 3 percent forecast range.

Core inflation, which excludes private transport and accommodation costs to better reflect household expenses, has kept decreasing in recent months in Singapore. MAS said the core inflation momentum is expected to remain contained in the fourth quarter.

The core inflation should end the year around 2 percent and average between 2.5 percent to 3.0 percent throughout this year, down from 4.2 percent in 2023, MAS said.

For 2025, the core inflation is expected to average around the mid-point of 1.5 percent to 2.5 percent amid moderate underlying cost pressures, it adds.

Noting that the monetary policy settings are still consistent with medium-term price stability based on such outlooks, the MAS will maintain the appreciation rate of the Singapore dollar nominal effective exchange rate policy band. 

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