Monetary Authority of Singapore with a tightening

  • to raise the rate of appreciation of the SGD NEER policy band slightly
  • width of policy band and centre level unchanged
  • MAS says the move is appropriate for ensuring price stability in the medium-term
  • core inflation projected to be 2-3% in 2022


Note that the MAS manages monetary policy through exchange rate settings.

  • Not via interest rates
  • Tightening achieved by slightly increasing the appreciation rate of the Singapore dollar's policy band

The Monetary Authority of Singapore conduct scheduled policy meetings in April and October each year. Only twice a year. This move comes outside a regular meeting. SGD jumping:

sgd Monetary Authority of Singapore 25 January 2022