Making an unprecedented two-in-one decision, the central bank set the Singapore dollar nominal effective exchange rate policy band on a zero per cent appreciation path and lowered the mid-point of the band. The last time the central bank lowered the band’s centre was during the global financial crisis in 2009.
However, the “firepower” for managing the economic fallout from COVID-19 “has to be fiscal policy”, he said. With the latest easing move likely to weaken the local currency, Mr Heng was asked at what point a weaker Singapore dollar would become a problem given that the country is a major importer. “I’m confident we will have what it takes to guide this policy correctly, to the right level that will be important to stabilise the economy and to enable the efficient allocation of resources in the economy,” he said.
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