MAS said Monday it will reduce the rate of appreciation of its policy band known as the Singapore dollar nominal effective exchange rate, or S$NEER. The country’s Ministry of Trade and Industry downgraded its GDP forecast to 0%-2% for 2025, down from its previous outlook of 1%-3%. View of MAS building, Singapore Lee Yen Nee
Singapore on Monday eased its monetary policy for the second straight time, as the city-state posted a lower-than-expected GDP growth of 3.8% for the first quarter, according to advance estimates.
The Monetary Authority of Singapore had eased its policy stance in its January meeting too, loosening policy for the first time since 2020.
The MAS said Monday it would reduce the rate of appreciation of its policy band known as the Singapore dollar nominal effective exchange rate, or S$NEER.
“MAS will continue with the policy of a modest and gradual appreciation of the S$NEER policy band,” it said.
The central bank strengthens or weakens its currency against a basket of its main trading partners, thus effectively setting the S$NEER. The exact