Says he sees the situation in Ukraine getting worse before any better

  • says stagflation is a serious risk
  • says higher and longer inflation is close to a certainty

The MAS tightened its monetary policy in October 2021 and then again in January 2022 (a surprise move, its meeting was not scheduled until April). The MAs uses the SGD exchange rate as its policy tool, allowing appreciation against trading partners to counter soaring costs for imported food and fuel.