The Monetary Authority of Singapore (MAS) will maintain the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) in October. The central bank did the same in July, but eased its monetary policy in January and April this year.
In an Oct 14 statement, MAS said there will be no change to the S$NEER’s width and the level at which it is centred. It added that it is in an “appropriate position” to respond to any risk to medium-term price stability and will continue to monitor economic developments.
The majority of the economists — 16 out of 20 — polled by Bloomberg forecasted that the MAS will maintain its settings in its latest monetary policy statement (MPS), while four respondents, including DBS and TD Securities, expect the central bank to resume easing.
On the same day, the Ministry of Trade and Industry (MTI) released its advanced estimates for the 3Q2025. During the period, the Singapore economy grew by 2.9% y-o-y and 1.3% q-o-q, down from the second quarter’s 4.5% y-o-y and 1.5% q-o-q expansion.
