FOREX TradingCharts.com

Financial News: Singapore Central Bank Unexpectedly Tightens Monetary Poli

Singapore Central Bank Unexpectedly Tightens Monetary Policy

07/14/2022 - 06:35:00 (RTTNews)

(RTTNews) - Singapore's central bank tightened its monetary policy for the third time this year to avoid inflationary pressures becoming more persistent.

The Monetary Authority of Singapore on Thursday decided to re-centre the mid-point of the S$NEER policy band up to its prevailing level. There will be no change to the slope and width of the band.

This policy move, building on previous tightening moves, should help slow the momentum of inflation and ensure medium-term price stability, the bank said.

The central bank holds two monetary policy meetings a year, in April and October. However, this year, other than today's unscheduled policy tightening, the bank resorted to another out-of-cycle move in January.

The MAS applies the exchange rate against a basket of currencies within an undisclosed band as its monetary policy tool.

The central bank raised its core inflation forecast for this year to 3.0 percent-4.0 percent from 2.5 percent to 3.5 percent. Overall inflation is expected to come in at 5.0-6.0 percent, higher than the earlier forecast range of 4.5-5.5 percent.

Although core inflation is projected to rise above 4.0 percent, it is forecast to ease in the fourth quarter of 2022. Still there is considerable uncertainty over the extent of the decline.

Overall economic growth is projected to come in at the lower half of the 3-5 percent forecast range for 2022 as a whole. Looking ahead, growth is expected to moderate further next year.

Data released earlier in the day by the Ministry of Trade and Industry showed that GDP was unchanged on a sequential basis in the second quarter, after posting an expansion of 0.9 percent in the first quarter.

While economic output is set to start rising again during the second half of the year, growth is likely to be weak as cooling global demand and higher interest rates drag on activity, economists at Capital Economics, said.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Norway Central Bank Hikes Policy Rate By 50 Bps, Hints At September Raise (02 hr(s), 0 min(s),05 sec(s) ago)
(RTTNews) - The Norwegian central bank raised its benchmark interest rate further by 50 basis poin ...Full Story»

Philippine Central Bank Raises Key Interest Rate Further (02 hr(s), 06 min(s), 05 sec(s) ago)
(RTTNews) - The Philippines' central bank on Thursday raised its key interest rate again by 50 ...Full Story»

U.S. Leading Economic Index Declines For Fifth Straight Month In July (02 hr(s), 24 min(s), 05 sec(s) ago)
(RTTNews) - A report released by the Conference Board on Thursday showed a continued decrease by i ...Full Story»

U.S. Existing Home Sales Extend Nosedive To New Two-Year Low In July (02 hr(s), 38 min(s), 05 sec(s) ago)
(RTTNews) - Existing home sales in the U.S. showed another significant decrease in the month of Ju ...Full Story»

Mainland Norway Q2 GDP Expands As Expected (02 hr(s), 37 min(s), 05 sec(s) ago)
(RTTNews) - Mainland Norway's economy expanded in the second quarter after contracting in the ...Full Story»

Philly Fed Index Unexpectedly Indicates Return To Growth In August (02 hr(s), 54 min(s), 05 sec(s) ago)
(RTTNews) - After reporting contractions in Philadelphia-area manufacturing activity in the two pr ...Full Story»

U.S. Jobless Claims Unexpectedly Edge Down To 250,000 (03 hr(s), 21 min(s), 05 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Thursday unexpectedly showed a modest pul ...Full Story»

Philly Fed Index Unexpectedly Returns To Positive Territory In August (04 hr(s), 26 min(s), 05 sec(s) ago)
(RTTNews) - After reporting contractions in Philadelphia-area manufacturing activity in the two pr ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Norway Central Bank Hikes Policy Rate By 50 Bps, Hints At September Raise

08/18/2022 - 11:09 AM (RTTNews)
(RTTNews) - The Norwegian central bank raised its benchmark interest rate further by 50 basis poin ...Full Story>>

Philippine Central Bank Raises Key Interest Rate Further

08/18/2022 - 11:03 AM (RTTNews)
(RTTNews) - The Philippines' central bank on Thursday raised its key interest rate again by 50 ...Full Story>>

U.S. Leading Economic Index Declines For Fifth Straight Month In July

08/18/2022 - 10:45 AM (RTTNews)
(RTTNews) - A report released by the Conference Board on Thursday showed a continued decrease by i ...Full Story>>

Mainland Norway Q2 GDP Expands As Expected

08/18/2022 - 10:32 AM (RTTNews)
(RTTNews) - Mainland Norway's economy expanded in the second quarter after contracting in the ...Full Story>>

U.S. Existing Home Sales Extend Nosedive To New Two-Year Low In July

08/18/2022 - 10:31 AM (RTTNews)
(RTTNews) - Existing home sales in the U.S. showed another significant decrease in the month of Ju ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.