Singapore dollar’s 'gradual appreciation' to continue: Alvin Tan

The US dollar will not unduly affect the currency, the minister added.

Singapore’s exchange rate policy will continue on a gradual appreciating path following the Monetary Authority of Singapore’s (MAS) latest April policy statement, according to Minister of State for National Development of Singapore, Alvin Tan.

The MAS manages monetary policy through the Singapore dollar nominal effective exchange rate (S$NEER), which has been appreciating against a trade-weighted basket of currencies since October 2021.

Tan said in response to a parliamentary question that the US dollar remains the dominant currency in international trade, whilst also being tied to one of Singapore’s largest trading partners.

However, he noted that the S$NEER basket is diversified to reflect Singapore’s trade flows across import sources and export markets.

The weights in MAS’s currency basket are being periodically reviewed and updated to reflect the economy’s evolving trade patterns. “No single currency dominates in the S$NEER basket or unduly affects the broad stability of the Singapore dollar against the basket.”

The Singapore dollar’s stability is supported by the country’s macroeconomic management and monetary policy framework, Tan added.

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