Singapore's central bank head says fight against inflation not over yet

<p>Managing Director of the Monetary Authority of Singapore (MAS) Menon says the fight against inflation is not yet over. Comments from Menon and the MAS' reprot</p><ul><li>
Growth will remain weak in the near term</li><li>MAS not switching
from inflation-fighting mode to growth-supporting mode</li><li>Singapore
well-positioned for a second GST hike in 2024 if inflation falls to
2.5%-3% in q4</li><li>MAS lowers forecast
range for 2023 headline inflation to 4.5% to 5.5%, vs previous 5.5%
to 6.5%</li><li>Singapore should see
further reductions in inflation by year-end</li><li>Singapore's growth
prospects have dimmed, economy to operate slightly below underlying
capacity</li><li>MAS recorded net
loss of S$30.8 bln for FY 22/23, reflecting effects of monetary policy
tightening</li><li>MAS stands ready to
provide liquidity to ensure Singapore's financial system remains stable</li><li>Core inflation
expected to end the year significantly lower at 2.5% to 3.0%</li><li>Monetary policy
steadfastly focused on medium-term price stability</li><li><p>
2023 GDP growth is projected at the midpoint of 0.5% to 2.5% range,
moderating from 3.6% in 2022</p></li></ul><p>—</p><p>The Monetary Authority of Singapore, the country's central bank, left its monetary policy unchanged after five rounds of
tightening since October 2021, including two off-cycle moves.</p>

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