Monetary Authority of Singapore, Singapore's central bank, leaves policy settings unchanged, as expected.
- will maintain the prevailing rate of appreciation of the S$NEER policy band
- will be no change to its width and the level at which it is centred
The MAS says it'll be increasing the frequency of its meetings and statements, quite the development!
- Will be shifting to a quarterly monetary policy statement schedule from 2024
- Statements will be released in January, April, July, and October
- MAS continues to uphold a medium-term orientation in its policy formulation to secure low and stable inflation
- The next monetary policy statement will be released in late January 2024
More:
- Singapore’s GDP growth is expected to improve gradually over 2024
- MAS core inflation has slowed and is projected to broadly decline over the course of 2024
- There are both upside and downside risks to inflation
- Shocks to global food and energy prices or domestic labour costs could bring about additional inflationary pressures
- Sharper-than-expected downturn in the global economy could induce a general easing of cost and price pressures
- CPI-all items inflation is projected to average between 3.0–4.0% in 2024
- In 2024, mas core inflation should be on a broad moderating trend
- All items inflation forecast to pick up slightly in the remaining months of 2023
- For 2023 as a whole, CPI-all items inflation should average around 5%, down from 6.1% the year before
SG data released:
Q3 GDP +0.7% y/y (expected +0.4%) - flash estimate
- +1.0% qtr/qtr seasonally adjusted rate – flash estimate
- +1.0% qtr/qtr seasonally adjusted rate – flash estimate
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Background to this, and how MAS policy works is here:
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SGD little changed:
