SINGAPORE: The Monetary Authority of Singapore (MAS) tightened monetary policy on Monday (Jul 27), in a move contrary to the market’s expectations.
MAS said the Singapore economy is forecast to record a firm pace of growth in the second half of the year, and external price pressures are expected to continue to pass through to consumers.
The central bank said that MAS core inflation, which excludes accommodation and private transport, is projected to pick up from July and remain elevated into early next year.
“MAS will therefore increase the rate of appreciation of the policy band very slightly. The extent of this increase is smaller than that in April,” said the central bank in its July monetary policy statement.
It said there would be no change to the width of the policy band and the level at which it is centred.
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