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breaking news Further monetary policy tightening in Singapore expected next month

The Monetary Authority of Singapore meeting is April 14.

At its last meeting, in October 2022, the Central Bank of Singapore (the Monetary Authority of Singapore) tightened its policy.

  • for the 4th time in 2022
  • for the fifth time since they began to tighten in October 2021
  • respond to rising inflation
  • MAS refocused the currency band back to prevailing levels
  • but kept the slope and width of the strip unchanged

More information on this decision here:

In the policy statement at the time (October 14, 2022), the MAS noted:

  • Over the past three months, the S$NEER has largely appreciated and is now approaching the top of the political range.
  • The three-month Singapore Interbank Offered Rate (SIBOR) in Singapore dollars rose from 2.5% in July to 3.4%, while the Singapore Overnight Average Rate (SORA) rose from 2.1 % to 3.4%.

Note that one of the key tools of the MAS is its exchange rate policy. It manages the SGD exchange rate against a basket of currencies from Singapore’s major trading partners. The MAS adjusts the policy range as necessary to maintain price stability and support economic growth.

Excerpt from ANZ on what to expect at the next meeting:

  • Recent banking strains won’t stop the Monetary Authority of Singapore from tightening in its April review.
  • We expect the slope of the S$NEER policy band to increase by 100 basis points to 3% per year.
  • A stronger SGD is needed to contain inflation.


I really like the title of ANZ’s chart here:

  • Inflation has peaked but will remain elevated for some time

Yes, and not just for Singapore. This is the case for many countries around the world. Sweden (comment by Riksbank Governor Erik Thedeen) over the weekend for example:

  • “It’s in our forecast that inflation is going to come down fairly quickly. The problem is that it’s been in our forecast all through 2022 and hasn’t happened yet”


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