Singapore loosens monetary policy
Singapore's central bank, the Monetary Authority of Singapore (MAS), on Monday adjusted its monetary policy for the second time this year, citing escalating global trade tensions and slowing economic growth.
A view of MAS building, Singapore (MAS). Photo courtesy of nbcboston.com.
The MAS slightly reduced the rate of appreciation of the Singapore dollar's (SGD) nominal effective exchange rate (S$NEER), aiming to support exports and mitigate the impact of new US tariffs on the economy.
Concurrently, the Ministry of Trade and Industry (MTI) downgraded Singapore's 2025 GDP growth forecast to a range of 0% to 2%, down from the previous estimate of 1% to 3%.
This revision follows a 0.8% contraction in the first quarter and reflects concerns over the adverse effects of U.S. trade policies on global economic activity.
The MAS also lowered its core inflation forecast for 2025 to between 0.5% and 1.5%, indicating expectations of subdued domestic price pressures.
These policy adjustments underscore Singapore's proactive approach to navigating external economic uncertainties and maintaining macroeconomic stability.
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