SINGAPORE, July 14 (ABC): The Monetary Authority of Singapore (MAS) on Thursday further tightened its policy stand by raising the mid-point of the Singapore dollar Nominal Effective Exchange Rate (S$NEER) policy band to its prevailing level to fight price pressures.
According to the newly-published MAS Monetary Policy Statement, the authority kept the slope and width of the policy band unchanged.
This policy move, building on previous tightening moves, should help slow the momentum of inflation and ensure medium-term price stability, the MAS added.
Since October 2021, MAS has been progressively tightening monetary policy as the economic recovery consolidated and inflationary pressures picked up.
Last October, the authority slightly increased the rate of appreciation of the S$NEER policy band as a pre-emptive move in light of the pick-up in inflation.
This January, the MAS added slightly to the rate of appreciation of the band. In April, the MAS re-centered upwards the S$NEER policy band and further increased its rate of appreciation.