Singapore releases third quarter GDP forecast and MAS monetary policy

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On Monday, July 6, 2020, a cyclist rides on the Esplanade Bridge when the building stands in Singapore’s Central Business District.

Wei Lengtai | Bloomberg | Getty Images

Singapore-Official estimates released on Thursday show that Singapore’s economy will grow by 6.5% year-on-year in the third quarter of 2021.

Analysts surveyed by Reuters had predicted that Singapore’s economy would grow by 6.6% year-on-year in the third quarter.

Singapore’s Ministry of Trade and Industry said in a statement that the seasonally adjusted quarter-on-quarter economic growth was 0.8%.

In another press release, the Monetary Authority of Singapore (the country’s central bank) stated that it slightly increased the slope of its currency range, the Singapore dollar nominal effective exchange rate range.

The central bank stated that the width of the policy interval and its central level remain unchanged.

MAS manages monetary policy by setting exchange rates instead of interest rates, allowing the Singapore dollar to rise or fall within an undisclosed range against a basket of currencies. It uses three levers to adjust the strap: slope, midpoint and width.

This is breaking news. Please check for updates.

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