Singapore's Central Bank Maintains Steady Monetary Policy Amid Economic Growth

The Monetary Authority of Singapore holds its policy steady as third-quarter GDP growth accelerates, with inflation expected to decline further.

Singapore's GDP grew by 4.1% in the third quarter, up from 2.9% in the second quarter, driven by manufacturing and modern services.
The Monetary Authority of Singapore (MAS) has kept the exchange rate-based policy unchanged for the sixth consecutive time.
Core inflation in Singapore is projected to fall to around 2% by the end of 2024, down from a peak of 5.5% in early 2023.
MAS anticipates GDP growth to reach the upper end of the 2% to 3% forecast range for 2024, but warns of significant external risks.
The unique monetary policy approach involves adjusting the Singapore dollar's exchange rate against a basket of currencies rather than using interest rates.