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
centred
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
More:
- 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
2024 - 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 www.forexlive.com. Source