Singapore Maintains Strict Monetary Policy Amid Persistent Inflation Concerns

The Monetary Authority of Singapore has opted to keep its monetary policy settings unchanged, citing ongoing inflationary pressures and a stable economic outlook.

Singapore's central bank, the MAS, has maintained its monetary policy unchanged for the fourth consecutive time.
The MAS continues to use the exchange rate as its primary tool for monetary control, aiming to manage inflation through a controlled appreciation of the Singapore dollar.
Recent economic data shows Singapore's economy grew by 2.7% in the first quarter of 2024, with expectations of continued growth between 1% and 3% for the year.
Core inflation is expected to remain elevated in the near term but may ease significantly by the end of 2024.
The decision aligns with similar recent actions by central banks in the Philippines, Thailand, New Zealand, and Canada.