The Monetary Authority of Singapore (MAS) says Singapore’s foreign exchange and money markets continue to function normally after US President Donald Trump announced tariffs on US trading partners worldwide.
In an April 3 announcement, Singapore’s central bank says it stands ready to curb excessive volatility in the Singapore dollar, and to ensure that Singapore’s foreign exchange (forex) and money markets continue to function in an orderly manner.
MAS says it is “closely monitoring developments and assessing the implications for the Singapore economy”.
The central bank’s statement did not make reference to a sharp movement of the Singapore dollar versus the US dollar earlier today.
From an overnight rate of around $1.3429 SGD to the USD, the rate spiked to $1.3488 by 8.00 am before easing back to $1.3429 by around 1.00 pm.
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Trump said on April 2 (April 3, Singapore time) that he will apply a minimum 10% tariff on all exporters to the US, which will take effect on April 5.
Trump also announced “reciprocal tariffs” on nations that run trade surpluses with the US — Singapore included. Singapore’s imports to the US will be levied an additional 10% tariff, which will take effect on April 9.
