MAS meetings are twice a year, in April and October.
- The April meeting concludes on Wednesday 14th, announcement due at 0000GMT alongside Q1 advance GDP
A quick what to expect via ING:
- The shift a year ago to a neutral monetary policy targeting zero S$-NEER appreciation has served well for the export-driven recovery. We don't think the MAS is in a rush to alter this policy stance just yet, given that the sustained Covid-19 spread globally has been threatening export recovery ahead. Moreover, with the S$-NEER remaining near the mid-point of the estimated policy band, the market hasn't priced in any policy move either. This is why we expect the MAS to stay the current course and leave the slope, the width and the level of the S$-NEER policy band intact next week
(bolding mine for the summary version)
Note that the MAS manages monetary policy through exchange rate settings
- Not via interest rates