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A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. In a move that surprised economists, the Monetary Authority of Singapore (MAS) said it would shift to a quarterly schedule of policy statements in 2024 from semi-annual. The MAS maintained the prevailing rate of appreciation of its currency policy band known as the Singapore dollar nominal effective exchange rate, or S$NEER. As part of the increased frequency of its policy statements, monetary policy will be reviewed in January, April, July and October instead of just April and October. Prior to April, the MAS tightened monetary policy five times in a row, including in two off-cycle moves last year.

Persons: Darren Whiteside, Chua Hak Bin, Chua, Selena Ling, Ling, Xinghui Kok, Kanupriya Kapoor, Martin Petty, Sam Holmes Organizations: Monetary Authority, REUTERS, Rights, Monetary Authority of Singapore, MAS, Singapore, Gross, Reuters, Thomson Locations: Singapore, Rights SINGAPORE

☆ Singapore unexpectedly leaves monetary policy unchanged as risks grow
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +3 min

SINGAPORE, April 14 (Reuters) - Singapore's central bank on Friday left its monetary policy settings unchanged, reflecting the city-state's concerns about its growth outlook and surprising economists who had expected another round of tightening. It was the first time the Monetary Authority of Singapore (MAS) has left policy unchanged since April 2021. MAS had from October 2021 tightened monetary policy five times in a row, including in two off-cycle tightening moves last year in January and July. The MAS said in a statement that its previous tightening moves were "still working through the economy and should dampen inflation further". Alex Holmes, senior economist at Oxford Economics, said he does not expect any unwinding of recent tightening moves until late 2024.

SINGAPORE, Feb 14 (Reuters) - Singapore announced on Tuesday narrower fiscal deficits in a budget aimed at helping households manage the rising cost of living while replenishing its pandemic-depleted coffers. The fiscal position is "appropriate for the projected economic conditions this year", finance minister Lawrence Wong told parliament as he presented details of the 2023 budget. The government will enhance a support package to help Singaporeans offset a recent sales tax hike from S$6.6 billion ($4.97 billion) to S$9.6 billion. The second step of a scheduled sales tax hike would go ahead as planned in 2024. The sales tax will increase to 9% next January, after increasing from 7% to the current 8% on Jan. 1 this year.

☆ Singapore GDP growth to ease in Q3, keeps MAS in delicate balancing act
▼ + stars: | 2022-10-12 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

The Singapore government had downgrade its 2022 GDP growth forecast range to 3% to 4% from 3% to 5% in August, citing the weakening external demand outlook. Economists are watching to see whether Singapore's official inflation forecast would be revised when the central bank releases its monetary policy statement, which is also due on Friday. Sixteen economists forecast the Monetary Authority of Singapore (MAS) to tighten its policy, but are divided on how aggressive it will be and which of its settings will change. Economists, including Maybank's Chua, who expect MAS to tighten only via one lever largely cited the weak growth outlook. The MAS has tightened monetary policy four times in a row, with the latest in July in an out-of-cycle move.

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