Unlike most central banks that target the interest rate, the MAS uses the exchange rate as its main policy tool.
This refers to the S$NEER – the exchange rate of the Singapore dollar managed against a trade-weighted basket of currencies from Singapore’s major trading partners. The S$NEER is allowed to float within an unspecified band. Should it go out of this band, the MAS steps in by buying or selling Sing dollars.
The central bank also changes the slope, width and mid-point of this band when it wants to adjust the pace of appreciation or depreciation of the local currency based on assessed risks to Singapore’s growth and inflation.Monday’s policy decision comes earlier than usual amid worsening economic conditions this month as the COVID-19 outbreak continues around the world.worse-than-expected 2.
Basic food like apples would be even more expensive now. Sigh.
Oh dear! Basic food like apples would be even more expensive now. Sigh.
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