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MAS reduces slope of monetary policy in sudden move

Posted by Property Launch Invest on Wednesday, 28 January 2015 in Property News

SINGAPORE — Singapore’s central bank today (Jan 28) reduced the slope of its monetary policy band in an unexpected easing of policy ahead of its scheduled review in April.

The Monetary Authority of Singapore (MAS) also cut its inflation forecast for the year for both headline consumer price index (CPI) as well as core CPI (excludes the cost of accomodation and private road transport).

“Since the last Monetary Policy Statement in October, developments in the global and domestic inflation environment have led to a significant shift in Singapore’s CPI inflation outlook for 2015,” the MAS said in a statement.

The central bank added that it would continue to stick with a policy of allowing the Singapore dollar to appreciate modestly and gradually against a basket of currencies, but that it would reduce the slope of appreciation.

It cut its inflation forecast for 2015 to -0.5 per cent to 0.5 per cent, from the 0.5 per cent to 1.5 per cent it had expected in October.

Singapore joins global policy makers in acting to shield its economy from dwindling inflation, as investors await commentary from the Federal Reserve, which has been meeting in Washington.

Fed officials started gathering for their two-day policy meeting yesterday. The US central bank is trying to determine whether declining oil prices, a slowdown in European growth and any fallout from the Greek elections will threaten the US recovery as it considers raising interest rate.

The sudden move by the MAS saw the Singapore dollar slide to its weakest level since 2010.

The Singapore dollar sank as much as 1.3 per cent by 9.10am (Singapore time) in Tokyo.

“The fact that even the MAS has to ease its hawkish stance signifies the effects of cheaper oil as well as how bad the domestic economy is,” Mr Masashi Murata, a currency strategist at Brown Brothers Harriman & Co in Tokyo, said in a phone interview with Bloomberg.

Source: Today 28th January 2015

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MAS reduces slope of monetary policy in sudden move

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