Jury is out on whether MAS will tighten monetary policy again in October
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SINGAPORE’S central bank could further tighten monetary policy a fifth time in October if inflation continues to heat up, although some economists believe the likelihood may have diminished following its surprise move to frontload the tightening on Thursday morning (Jul 14).
The Monetary Authority of Singapore (MAS) said it will re-centre the mid-point of the Singapore dollar nominal effective exchange rate (S$NEER) policy band up to its prevailing level with no changes to the slope and width of the band.
MAS said the latest move builds on previous tightening moves and “should help slow the momentum of inflation and ensure medium-term price stability”, even as it raised its core inflation forecast range to 3-4 per cent, from 2.5-3.5 per cent.
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