Singapore tightens monetary policy further on price pressures

SINGAPORE : Singapore’s central bank tightened policy further on Monday, to brace for expected inflationary pressures as renewed tensions in the Middle East threaten to keep energy prices elevated. The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than interest rates, raised the rate of appreciation of its policy band “very slightly,” it said. It left the width and centre unchanged.

Four out of 18 analysts in a Bloomberg survey expected a steepening of the band, while one predicted a re-centering. The remaining 13 expected no change.

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