Singapore's central bank kept unchanged its monetary policy stance aimed at strengthening the trade-weighted Singapore dollar to fight still-elevated inflation.
The Monetary Authority of Singapore (MAS) said on April 12 that it will maintain the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate policy band, with no change to the width of the band or the level at which it is centred - parameters that indicate how high and how fast the central bank wants the currency to appreciate.
The Singapore dollar ticked up soon after the MAS statement, rising to 1.353 to the US dollar from its close of 1.354 on April 11.
The central bank kept its projection for both all-items inflation and core inflation which excludes private accommodation and transport costs and better represents the expenses of Singapore households unchanged at an average of 2.5 per cent to 3.5 per cent for 2024.
Its latest decision to again stand pat was widely expected after core inflation in February shot up more than expected on the back of higher services and food inflation partly linked to Chinese New Year spending.
It rose to 3.6 per cent year on year in February, up from January's 3.1 per cent. This was also the highest reading for core inflation since July 2023.
With core inflation stubbornly above the widely perceived MAS target of 2 per cent, all 20 economists surveyed by Bloomberg News had expected the central bank to maintain its overall policy settings.
Denne historien er fra April 13, 2024-utgaven av The Straits Times.
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