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Free AccessMAS Raise S$NEER Policy Band Appreciation Rate, Keep Width & Centre Level Unchanged
The Monetary Authority of Singapore release their monetary policy statement:
- Owing to "a further upward shift in Singapore’s inflation outlook," the MAS have judged that "it is appropriate to make another pre-emptive adjustment in its monetary policy stance at this juncture."
- "The factors that drove global and regional inflation higher in late 2021 are likely to remain in play for a period. Domestic inflation will be exposed to these external pressures as well as the tight labour market."
- MAS is revising its inflation forecasts for 2022. MAS Core Inflation is now projected to be 2.0–3.0% this year, from the 1.0–2.0% expected in October. Meanwhile, CPI-All Items inflation is expected to be 2.5–3.5%, from the earlier forecast range of 1.5–2.5%."
- "MAS will therefore raise slightly the rate of appreciation of the S$NEER policy band. The width of the policy band and the level at which it is centred will be unchanged. This move builds on the pre-emptive shift to an appreciating stance in October 2021 and is appropriate for ensuring medium-term price stability."
- Click here to view the full statement.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.