Monetary Authority of Singapore eases monetary policy slightly, as expected ...Middle East

Singapore Q1 GDP -0.8% qtr/qtr seasonally adjusted rate – flash estimate

Singapore MTI says external demand outlook for Singapore for rest of the year has weakened significantly

MAS will continue with the policy of a modest and gradual appreciation of the S$NEER policy band

However, the rate of appreciation will be reduced slightly

Singapore's MAS: Risks to inflation are tilted towards the downside

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It manages the SGD exchange rate against a basket of currencies of Singapore's major trading partners.

sets the path of the policy band of the Singapore dollar nominal effective exchange rate (S$NEER)this serves to strengthen or weaken the local currency against those of its main trading partners

is a trade-weighted exchange rate

MAS permits the S$NEER to move up and down within the policy band (exact levels are not disclosed). If it goes out of this band, the MAS steps in by buying or selling Singapore dollars.

The policy band has three parameters that the MAS can adjust:

the slope, the level and the widthadjusting the slope will influence the pace at which the Singapore dollar strengthens or weakensadjusting the level, or mid-point, of the policy band allows for an immediate strengthening or weakening of the S$NEER,widening the policy band allows for more volatility of the S$NEERthese parameters are what are reviewed This article was written by Eamonn Sheridan at www.forexlive.com.

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