Monetary Authority of Singapore maintains prevailing rate of appreciation of policy band

<p>Monetary Authority of Singapore, Singapore's central bank, leaves policy settings unchanged, as expected.</p><ul><li>will
maintain the
prevailing rate of appreciation of the S$NEER
policy band</li><li>
will be no change to its width and the level
at which it is
centred</li></ul><p>The MAS says it'll be increasing the frequency of its meetings and statements, quite the development!</p><ul><li>
Will be shifting to a quarterly monetary policy statement schedule
from 2024</li><li>Statements will be
released in January, April, July, and October</li><li>MAS continues to
uphold a medium-term orientation in its policy formulation to secure
low and stable inflation</li><li>The next monetary
policy statement will be released in late January 2024</li></ul><p>More:</p><ul><li>
Singapore’s GDP growth is expected to improve gradually over 2024</li><li>MAS core inflation
has slowed and is projected to broadly decline over the course of
2024</li><li>There are both
upside and downside risks to inflation</li><li>Shocks to global
food and energy prices or domestic labour costs could bring about
additional inflationary pressures</li><li>Sharper-than-expected
downturn in the global economy could induce a general easing of cost
and price pressures</li><li>CPI-all items
inflation is projected to average between 3.0–4.0% in 2024</li><li>In 2024, mas core
inflation should be on a broad moderating trend</li><li>All items inflation
forecast to pick up slightly in the remaining months of 2023</li><li>For 2023 as a whole,
CPI-all items inflation should average around 5%, down from 6.1% the
year before</li></ul><p>SG data released:</p><p>
Q3 GDP +0.7% y/y (expected +0.4%) – flash estimate</p><ul><li>+1.0% qtr/qtr
seasonally adjusted rate – flash estimate</li><li>+1.0% qtr/qtr
seasonally adjusted rate – flash estimate</li></ul><p>-</p><p>Background to this, and how MAS policy works is here:</p><ul><li><a href="https://www.forexlive.com/centralbank/sgd-traders-heads-up-monetary-authority-of-singapore-policy-statement-due-today-20231012/" target="_blank" rel="follow" data-article-link="true">SGD traders heads up – Monetary Authority of Singapore policy statement due today</a></li></ul><p>—</p><p>SGD little changed:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.