SINGAPORE - The Monetary Authority of Singapore eased its policy stance on Monday by setting the Singapore dollar's rate of appreciation at zero per cent at the prevailing lower level of its exchange rate policy band as the economy braces for a deep recession.
The MAS decision comes amid expectations that Singapore and the global economy are headed for a recession this year due to the escalating coronavirus outbreak. Central banks around the world have embarked on a wave of monetary policy easing, to calm volatile financial markets.“With the deterioration in macroeconomic conditions and expectations of a weaker outlook, the S$NEER has depreciated to a level slightly below the mid-point of the policy band,” it added.
"This policy decision hence affirms the present level of the S$NEER, as well as the width and zero per cent appreciation slope of the policy band going forward, thus providing stability to the trade-weighted exchange rate," said the MAS. The midpoint of the forecast range, 2.5 per cent, will make the contraction the worst since the Asian Financial Crisis in 1998 when annual GDP growth shrank 2.2 per cent. The lower end of the estimate, if it materialises, is only compared to a 3.2 per cent contraction in 1964.
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