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Economists take a closer look at MAS's surprise move to tighten its monetary policy stance

Felicia Tan
Felicia Tan7/14/2022 10:44 PM GMT+08  • 14 min read
Economists take a closer look at MAS's surprise move to tighten its monetary policy stance
The MAS building. Photo: Samuel Isaac Chua/The Edge Singapore
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As the Ministry of Trade and Industry (MTI) revealed flash estimates for Singapore’s GDP for the 2Q2022 on July 14, the Monetary Authority of Singapore (MAS) announced its plan to further tighten its monetary policy stance on the same day.

The central bank will re-centre the mid-point of the Singapore dollar nominal effective exchange rate (S$NEER) policy band up to its prevailing level. There will be no change to the slope and width of the band.

The MAS also upgraded its headline and core CPI forecasts in addition to taking a further calibrated step to lean against price pressures.

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