The Monetary Authority of Singapore (MAS) has unexpectedly tightened its policy stance at its Oct 14 half yearly review following an accumulation in external and domestic cost pressures.
What this means is that the central bank has moved to “raise slightly the slope” of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) policy band up from a flat or zero percent slope previously.
At the same time, the slope of the band – which indicates its rate of appreciation – and mid-point will be left unchanged.
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