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Monetary Authority of Singapore

SGD · Official Website

Latest Statement

⚖️ Neutral

MAS Monetary Policy Statement - October 2025

2025-10-14

The Monetary Authority of Singapore (MAS) has decided to maintain the current rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, reflecting a stable economic outlook despite some moderation in global growth. The Singapore economy is expected to continue growing, supported by resilient manufacturing and domestic sectors, although growth may slow in the coming quarters.

The S$NEER policy band remains unchanged, indicating a stable monetary policy stance.
Singapore's GDP growth has been above trend at 3.9% year-on-year for the first three quarters of 2025, but is projected to moderate going forward.
Global economic resilience is supported by AI-related investments, although uncertainties remain regarding trade conflicts and tariff implementations.
The output gap is expected to narrow to around 0% in 2026 as growth aligns with external developments.

Bank Profile

Mandate

Price stability via exchange rate-centered policy

Decision Types

S$NEER policy band slope, S$NEER policy band width, S$NEER policy band center

Policy Instruments

Exchange rate policy (S$NEER band), FX intervention, No interest rate targeting

Target Indicators

CPI inflation, Core inflation, Output gap, External demand

Communication Style

Unique exchange rate policy framework, steepen/flatten/widen/re-center the band

Committee

Monetary Policy Committee - no public vote disclosure, consensus-based

Economic Indicators

Policy Rate	0.87%
USD/SGD	1.2871
GDP Growth	3.9%
M2 Growth	6.6%
10Y Yield	2.22%
2y10y Spread	-0.23%

HISTORICAL TRENDS

Policy Rate

FX Rate

CPI

GDP

10Y Yield

2Y-10Y Spread

Recent Statements

MAS Monetary Policy Statement - April 2025 ⚖️ Neutral

2025-04-14

🔮 Guidance

↑1 ↓1

📝 Classified Sentences

🔮 Guidance Hawkishmp_exchange_rate

"MAS will continue with the policy of a modest and gradual appreciation of the S$NEER policy band."

🔮 Guidance Dovishmp_exchange_rate

"However, the rate of appreciation will be reduced slightly."

MAS Monetary Policy Statement - October 2024 ⚖️ Neutral

2024-10-14

MAS Monetary Policy Statement - April 2024 ⚖️ Neutral

2024-04-12

MAS Monetary Policy Statement - October 2023 ⚖️ Neutral

2023-10-13

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