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channelnewsasia: MAS to slow appreciation of Singapore dollar

2015-10-14 19:51| 发布者: james| 查看: 376| 评论: 0

摘要: This is the second time this year the central bank is easing its monetary policy in an effort to revive economic growth.SINGAPORE: The Monetary Authority of Singapore (MAS) said on Wednesday (Oct 14) ...

This is the second time this year the central bank is easing its monetary policy in an effort to revive economic growth.

SINGAPORE: The Monetary Authority of Singapore (MAS) said on Wednesday (Oct 14) it will ease its monetary policy for the second time this year by slowing the pace of the Singapore dollar’s appreciation, in an effort to revive economic growth.

"MAS will continue with the policy of a modest and gradual appreciation of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) policy band. However, the rate of appreciation will be reduced slightly. There will be no change to the width of the policy band and the level at which it is centred,” the central bank said in its half-yearly monetary policy statement.

“This measured adjustment follows the move to reduce the rate of appreciation of the policy band in January this year, and is supportive of economic growth into 2016, while ensuring price stability over the medium term," it added.

The MAS eased policy at an unscheduled meeting in January, saying it would seek to slow the pace of the local dollar’s gains versus its trading partners. At the first of this year’s two scheduled meetings in April, it refrained from further action.

“Following the Monetary Policy Statement in April, the S$NEER appreciated amid a broad-based retraction in US$ strength. Since July, however, the S$NEER has weakened and largely fluctuated in the lower half of the policy band. This reflected renewed expectations of US monetary policy tightening and a rise in global risk aversion, mainly stemming from fears of a more significant downturn in China and other emerging market economies,” MAS said in Wednesday's statement.

GROWTH, INFLATION OUTLOOK

The central bank also lowered its inflation outlook for 2015. CPI-All Items inflation, or headline inflation, is now projected to come in at -0.5 per cent for 2015, down from -0.5 to 0.5 per cent in its previous inflation forecast. For 2016, CPI-All Items inflation is forecast to come in from -0.5 to 0.5 per cent.

Car prices and imputed rentals on owner-occupied accommodation will dampen overall inflation amid the expected increase in the supply of COEs and newly-completed housing units, MAS said.

As for core inflation, which excludes the cost of accommodation and private road transport, MAS said this is likely to rise gradually in 2016 towards its historical average of close to 2 per cent. For the year as a whole, core inflation is projected to average 0.5 to 1.5 per cent in 2016, compared to around 0.5 per cent in 2015.

The Singapore economy is likely to grow at a “modest pace” of 2 to 2.5 per cent in 2015, and at a broadly similar pace next year, MAS added.


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