October 15, 2022 | 20:30 (GMT+7)
Singapore central bank tightens monetary policy to dampen inflation
The Monetary Authority of Singapore (MAS) announced on October 14 that it had tightened monetary policy for the fifth time in a year, allowing a further appreciation of the Singapore dollar to help dampen inflation.
MAS re-centered the mid-point of the Singapore dollar nominal effective exchange rate policy band “up to its prevailing level.” Immediately after this move, the Singapore dollar rose 0.6% against the US dollar.
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Singapore tightens monetary policy. (Photo: Reuters) |
Since late September last year, the Singapore dollar has depreciated by 6% against the USD, but other currencies in Asia have weakened even more against the greenback.
Singapore uses its currency as the main monetary policy tool to reduce the cost of imports - the main cause of inflation in the Southeast Asian nation.
Source: VNA