MAS might tighten monetary policy: Credit Suisse

The appreciation path is likely to be very gradual at 0.5%.

The Monetary Authority of Singapore (MAS) is expected to shift to a gradual exchange rate appreciation path of +0.5% in October 2018, Credit Suisse said.

According to a report, this is "a comfort about strong growth prospects, rather than any material concerns about inflation per se by the MAS."

The appreciation path is likely to be very gradual at 0.5%. Whilst some observers believe the tightening could come as early as April, the MAS should wait for the labour market to improve further before it pushes the button.

Previously, the central bank kept its exchange rate policy on hold in October 2017.

Nonetheless, MAS removed its reference to neutral forward guidance for an “extended period” by referring to this phrase in the past tense, Credit Suisse said.

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