The decision to stand pat was widely expected after core inflation in February shot up more than expected.
SINGAPORE - Singapore’s central bank kept unchanged its monetary policy stance aimed at strengthening the trade-weighted Singapore dollar to fight still-elevated inflation.
The central bank kept its projection for all-items inflation and core inflation - that excludes private accommodation and transport costs and better represents the expenses of Singapore households - unchanged at an average of 2.5 per cent to 3.5 per cent for 2024. “Accordingly, current monetary policy settings remain appropriate. The prevailing rate of appreciation of the policy band is needed to keep a restraining effect on imported inflation as well as domestic cost pressures, and is sufficient to ensure medium-term price stability,” it noted.
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