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MAS eases monetary policy as Singapore heads into a recession

Amala Balakrishner
Amala Balakrishner3/30/2020 10:37 AM GMT+08  • 4 min read
MAS eases monetary policy as Singapore heads into a recession
“GDP growth will eventually recover following the abrupt downshift in the level of activity, but there is significant uncertainty over the depth and duration of this recession,” says MAS.
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SINGAPORE (Mar 30): The Monetary Authority of Singapore (MAS) has eased monetary policy – in line with expectations – as Singapore’s economy weighs down from the impact of the Covid-19 pandemic.

In its latest half-yearly monetary policy review on Monday, the MAS said it is reducing the rate of the Singapore dollar’s appreciation to zero, at the prevailing level of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER).

The move is effectively a re-centering of the mid-point of the policy band to a lower level while keeping the width of the policy band unchanged.

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