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4h ago

MAS Holds Singapore Dollar Policy Steady as Q3 Growth Tops Forecasts, Inflation Stays Muted

The stance reflects stronger growth and a still‑positive 2025 output gap, with core inflation projected around 0.5% this year.

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside
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Overview

  • MAS maintained the prevailing rate of appreciation of the S$NEER and left the policy band’s width and centre unchanged at its Oct 14 review.
  • Preliminary data showed GDP grew 2.9% year on year in Q3 2025, beating expectations, with growth expected to ease toward trend and the output gap seen near 0% in 2026.
  • MAS forecasts core inflation to average about 0.5% in 2025 and 0.5%–1.5% in 2026, noting a near‑term trough before a gradual rise next year.
  • The central bank said it is closely tracking the implementation of recent US tariffs and the risk of renewed trade disruption for potential effects on trade and imported prices.
  • After easing in January and April and holding in July, MAS reiterated it stands ready to respond to any risk to medium‑term price stability, with MTI to release 2025–26 growth projections in November.