MAS tightens monetary policy again after April move

It cited stronger economic growth and a rise in imported inflation.

The Monetary Authority of Singapore (MAS) tightened monetary policy again, with the latest adjustment smaller than in April.

The central bank said it would increase the rate of appreciation of the Singapore dollar nominal effective exchange rate policy band very slightly, citing stronger economic growth and an expected rise in imported inflation.

The move allows the Singapore dollar to strengthen slightly faster against a basket of currencies. MAS conducts monetary policy through the exchange rate rather than interest rates.

The Singapore dollar nominal effective exchange rate has remained in the upper half of the appreciating policy band since the April review.

MAS said the economy grew 5.7% year on year in the second quarter (Q2), supported by technology-related industries. It expects economic activity to remain firm in the second half.

GDP rose by a seasonally adjusted 1.1% from the previous quarter, after an upwardly revised 1.3% expansion in Q1.

The financial sector is also expected to expand steadily, supported by strong credit growth.

Inflation pressures are expected to increase in the coming quarters, with core inflation projected to rise from July and remain elevated into early 2027.

MAS also identified renewed energy supply disruptions in the Middle East as a key upside risk.

“Fuel reserves have been drawn down significantly and renewed supply disruptions in the Middle East could cause sharp surges in oil prices,” it said.

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