Singapore on January 28 loosened the monetary policy in a surprise move as falling oil prices impact inflation and the central bank looks to boost the economic growth.
Singapore on January 28 loosened the monetary policy in a surprisemove as falling oil prices impact inflation and the central bank looksto boost the economic growth.
The Monetary Authority ofSingapore (MAS) or the central bank said it would slow the appreciationof SGD against other hard currencies and lowered its inflation outlookdue to the decline of global oil prices.
The information hasled to the depreciation of SGD against USD. The greenback recorded itsrecord high since August 2010 after it bought 1.3569 SGD on January 28.
Singapore uses the exchange rate as a tool to manage its monetarypolicy, guiding the local dollar against the currencies of its maintrading partners.
According to analysts, recent drop of inflation in Singapore is the main reason for the decision of the MAS.
Consumer prices index (CPI), used to calculate inflation, fell 0.3percent and 0.2 percent in November and December 2014 as compared to theprevious year’s same period, while official figures showed the economyexpanded at a slower-than-expected rate of 2.8 percent last year.
The MAS also forecast that the oil price is likely to drop or increase0.5 percent, from a rise of 0.5-1.5 percent it had expected in October2014.-VNA
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