MAS’ next decision may say more about growth than costs
Inflation due to the Iran war might now be less of a factor than surprisingly robust expansion
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BY THE end of July, the Monetary Authority of Singapore (MAS) will put out its usual quarterly monetary policy statement: tightening, loosening or maintaining current settings. Whatever the decision, it may be for quite different reasons than assumed a month or two ago.
When the previous monetary policy statement was released in mid-April, news sites were still running daily live blogs on the Strait of Hormuz. With the US and Israel’s war on Iran just into its second month, hopes for a short-lived conflict had ebbed, and fears of an energy crisis were high.
As MAS noted at the time: “Shipping through the Strait of Hormuz has been severely constrained since late-February, and worldwide prices of crude oil, natural gas and related chemical compounds have risen sharply.”
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