Friday, August 19, 2011

Monetary Authority of Singapore Confirms Policy Stance

The Monetary Authority of Singapore confirmed its monetary policy stance and position in regards to recent market movements in the SOR.  The MAS noted: "In response to media queries on recent market movements in the SGD Swap Offer Rate (SOR), the MAS spokesperson reiterated that interest rates in Singapore are market-determined and that the current monetary policy stance, announced in April 2011, remains appropriate."  The MAS also noted: "Singapore's domestic money markets continue to function in an orderly manner and MAS has had no need to undertake any extraordinary measures.  The monetary policy stance remains as that announced in the April 2011 Monetary Policy Statement (MPS), which was reaffirmed at the MAS Annual Report Press Conference on 21 July 2011." 

The Monetary Authority of Singapore moved to tighten monetary policy settings at its previous biannual monetary policy meeting in April, when it said it would "re-centre the exchange rate policy band upwards".  The MAS noted The next MPS will be released as scheduled in mid-October 2011".  The Singaporean economy contracted -6.5% q/q in the June quarter (27.2% in the March quarter), bringing year on year GDP growth to 0.9% (9.3% in March).  The Ministry of Trade and Industry  said Singapore's economy is expected to grow by 5-6% in 2011.


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