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MAS seen to keep policy stance; Wheelock exits, StarHub axes staff

Michelle Zhu
Michelle Zhu10/8/2018 07:30 AM GMT+08  • 4 min read
MAS seen to keep policy stance; Wheelock exits, StarHub axes staff
SINGAPORE (Oct 8): The Monetary Authority of Singapore is due to release its semi-annual monetary policy statement by Oct 12. In an April statement, MAS announced a slight increase in the slope of the Singapore dollar nominal effective exchange rate poli
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SINGAPORE (Oct 8): The Monetary Authority of Singapore is due to release its semi-annual monetary policy statement by Oct 12. In an April statement, MAS announced a slight increase in the slope of the Singapore dollar nominal effective exchange rate policy to allow for a “modest and gradual appreciation”. “We expect the central bank to keep the existing stance,” note UOB economists.

This policy stance on the Singapore dollar will come in useful for exporters amid a weaker economic outlook. Inflation is not seen to be an issue, with economists expecting core inflation this year to range between 1.5% and 1.9%.

The weaker outlook is further affirmed by the Nikkei Singapore Purchasing Managers’ Index released on Oct 3, which slipped to 49.6 points in September — the lowest reading since April 2016 and down from 53.7 a year ago. The drop was largely attributed to lower output and a drastic decline in new orders, with the further deterioration of export sales weighing on purchasing activity.

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