Monetary Authority of Singapore maintains prevailing rate of appreciation of policy band

Monetary Authority of Singapore, Singapore’s central bank, leaves policy settings unchanged, as expected.

  • will
    maintain the
    prevailing rate of appreciation of the S$NEER
    policy band
  • will be no change to its width and the level
    at which it is

The MAS says it’ll be increasing the frequency of its meetings and statements, quite the development!

  • Will be shifting to a quarterly monetary policy statement schedule
    from 2024
  • Statements will be
    released in January, April, July, and October
  • MAS continues to
    uphold a medium-term orientation in its policy formulation to secure
    low and stable inflation
  • The next monetary
    policy statement will be released in late January 2024


  • Singapore’s GDP growth is expected to improve gradually over 2024
  • MAS core inflation
    has slowed and is projected to broadly decline over the course of
  • There are both
    upside and downside risks to inflation
  • Shocks to global
    food and energy prices or domestic labour costs could bring about
    additional inflationary pressures
  • Sharper-than-expected
    downturn in the global economy could induce a general easing of cost
    and price pressures
  • CPI-all items
    inflation is projected to average between 3.0–4.0% in 2024
  • In 2024, mas core
    inflation should be on a broad moderating trend
  • All items inflation
    forecast to pick up slightly in the remaining months of 2023
  • For 2023 as a whole,
    CPI-all items inflation should average around 5%, down from 6.1% the
    year before

SG data released:

Q3 GDP +0.7% y/y (expected +0.4%) – flash estimate

  • +1.0% qtr/qtr
    seasonally adjusted rate – flash estimate
  • +1.0% qtr/qtr
    seasonally adjusted rate – flash estimate

Background to this, and how MAS policy works is here:

SGD little changed:

This article was written by Eamonn Sheridan at Source