View of MAS building, Singapore
Lee Yen Nee
Singapore on Monday eased its monetary policy for the second straight time, as the city-state posted a lower-than-expected GDP growth of 3.8% for the first quarter.
The Monetary Authority of Singapore had eased its policy stance in its January meeting, loosening policy for the first time since 2020.
The MAS said Monday it will reduce the rate of appreciation of its policy band known as the Singapore dollar nominal effective exchange rate, or S$NEER.
“MAS will continue with the policy of a modest and gradual appreciation of the S$NEER policy band,” it said.
The central bank strengthens or weakens its currency against a basket of its main trading partners, thus effectively setting the S$NEER. The exact exchange rate is not set, rather, the S$NEER can move within the set policy band, the precise levels of which are not disclosed.
—This is breaking news, please check back for updates.
