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The Monetary Authority of Singapore has tightened monetary policy to lean against price pressures becoming more persistent, in an unexpected move.
Singapore’s central bank will re-center the mid-point of the Singapore dollar nominal effective exchange rate policy band upward to its prevailing level, the MAS said in a statement on Thursday. There will be no change to the slope and width of the band.
The policy move, which builds on previous tightening, should help slow the momentum of inflation and ensure medium-term price stability, the central bank said.
The MAS will continue to monitor global and domestic economic developments, amid heightened uncertainty on both the inflation and growth fronts, it said.
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