Singapore expected to ease SGD policy amid US tariff moves
The Monetary Authority of Singapore (MAS) - the country’s central bank - is expected to ease monetary policy settings further following U.S. President Donald Trump unleashed the steepest tariffs in a century.
MAS eased its Singdollar policy in January for the first time in five years. Photo courtesy of The Straits Times.
All 14 economists in a Bloomberg survey forecast that the MAS, which uses the exchange rate rather than interest rates to stabilize prices, will reduce the slope in the policy band of the Singapore dollar’s nominal effective exchange rate on April 14.
While the U.S. dollar gained against many Asian currencies in the wake of Trump’s election victory in November 2024, the picture has become more nuanced in the past month.
Singapore, which was hit with a 10% U.S. tariff, got off relatively lightly compared with China’s 145%, but as an export-reliant economy, the nation’s success rests on the health of its trading partners.
Singaporean Prime Minister Lawrence Wong has warned that growth in 2025 will be “significantly impacted” and Singapore could tip into a recession.
MAS eased its Singdollar policy in January for the first time in five years, and the case to support the economy has become even stronger following the U.S. tariffs and the ensuing global market ructions.
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