Monetary policy should not change fundamentally, says MAS

Deflation is not here to say.

Singapore's central bank will not "fundamentally" change its monetary policy to counter several consecutive months of persistent deflation, Deputy Prime Minister Tharman Shanmugaratnam said in an addendum to the President's Address.

"Our monetary policy decisions recognise that inflation is low today, but is likely to rise over the medium term amidst a tight labour market. They aim to secure price stability during a period of transition when cost pressures are still significant, while as the economy moves gradually towards productivity-led growth," Tharman said.

Tharman highlighted that the Monetary Authority of Singapore's (MAS) policy of a gradual appreciation of the nominal effective exchange rate of the Singapore Dollar since 2010 has brought inflationary pressures under control.

"MAS will continue to focus monetary policy on minimising overall economic volatility, while ensuring price stability in the coming years," he said.

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