Photo: Bloomberg

UOB Kay Hian analyst Jonathan Koh has maintained his “overweight” call on the Singapore banking sector as G7 countries – following the rapid recovery from the Covid-19 pandemic – have started to scale down their accommodative monetary policies.

The Bank of Canada (BOC) has kept its overnight rate of 0.25% but has scaled down its purchase of government bonds by 25% to C$3 billion ($3.29 billion) per week at its April meeting, being the first G7 country to unwind quantitative easing.

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