SGD still within policy band despite escalating volatility, says MAS

Current policy doesn’t need to be tweaked.

The trade-weighted Singapore dollar remains within its policy band despite heightened volatility in foreign exchange markets, the Monetary Authority of Singapore (MAS) said today.

The central bank also reiterated that its current monetary policy stance “remains appropriate from the perspective of overall macroeconomic conditions”.

“MAS stands ready to curb excessive volatility in the trade-weighted Singapore dollar,” the MAS said.

Under Singapore’s exchange rate-centred monetary policy framework, MAS manages the Singapore dollar against a trade-weighted basket of currencies within a policy band, and does not focus on any specific bilateral exchange rate.

This framework allows the Singapore dollar to adjust to short-term market fluctuations, while providing an anchor against undue volatility in the foreign exchange market.

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