Singapore tightens monetary policy on steady economic growth
The Monetary Authority of Singapore (MAS) on October 12 decided to tighten its monetary policy for the second time this year, forecasting the economy to expand steadily and core inflation to rise.
Singapore (VNA) – The Monetary Authority of Singapore (MAS) onOctober 12 decided to tighten its monetary policy for the second time thisyear, forecasting the economy to expand steadily and core inflation to rise.
The MAS would slightly increase the slope of the Singapore dollar nominaleffective exchange rate policy band, in a “measured adjustment” to its monetarypolicy. This was followed the slight increase in the slop of the policy band inApril from zero percent previously.
Following the announcement, the Singapore dollar gained less than 0.1 percentto 1.3758 against the US dollar.
The Singaporean economy is foreseen to expand at a slower pace for the rest ofthis year and the whole 2019 while the inflation rate will experience modestbut continuing pressures before leveling off at just below 2 percent over themedium term.
The tightening comes despite advance official estimates from the Ministry ofTrade and Industry showing that the country’s economic grew 2.6 percent in thethird quarter of 2018, as compared to the strong growth of 4.1 percent in theprevious three months.
On a quarter-on-quarter basis and seasonally adjusted, the economy expanded by4.7 percent during July-September, faster than the 1.2 percent growth in theprevious quarter.
Manufacturing grewby 4.5 percent year on year, the numbers falling short of the more than 10.6percent growth seen in the second quarter. The growth was mainly due to thedecline in global demand for electronic products. Meanwhile, the constructionsector contracted by 3.1 percent, spurred by weakness in the public sectorconstruction projects.
In stark contrast, the service industry grew by 2.9 percent, backed by the financeand insurance, business services, and wholesale and retail trade sectors.
The MAS forecasts the gross domestic product (GDP) growth in 2018 will come inwithin the upper half of the 2.5-3.5 percent forecast range in 2018 andmoderate slightly in 2019.
MAS Core Inflation will come in within the forecast range of 1.5-2 percent for2018 as a whole, and average 1.5-2.5 percent in 2019. The inflation of consumerprice index for all items (CPI-All Item) is predicted to be about 0.5 percentin 2018 before picking up to 1-2 percent in 2019.-VNA
Singapore’s inflation is forecast to rise slightly this year due to the impacts of global petrol and food prices, according to the Monetary Authority of Singapore (MAS) and the Ministry for Trade and Industry (MTI).
Singapore needs to continue finding “innovative and sustainable ways” to improve its urban design, given its space constraints and competing needs for residences, industries, leisure, and amenities, Finance Minister Heng Swee Keat said on October 2.
Vietnam is a promising tourism market that ranks among its 10 biggest anywhere and four biggest in Southeast Asia, the Singapore Tourism Board (STB) has said.
The Immigration and Checkpoints Authority (ICA) of Singapore on October 4 launched an electronic arrival card (EAC) for foreign visitors who arrive in the country via all air, land and sea checkpoints.
Singapore has emerged as the top among the 157 countries and territories in the inaugural World Bank Human Capital Index (HCI), which measures the human capital that a child born today can expect to attain by the age of 18.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
Illustrative photo (Photo: Bloomberg) 
