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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 growth. While global economic conditions remain supportive, MAS anticipates a gradual slowdown in Singapore's GDP growth as trade-related activities normalize.

The S$NEER policy band remains unchanged, indicating a stable monetary policy stance.
Singapore's GDP growth is projected to moderate, with a forecast of near-trend growth in 2026 as external factors influence the economy.
Global investments, particularly in AI, are expected to support the domestic manufacturing sector despite potential challenges from trade tensions.

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	1.05%
USD/SGD	1.2871
GDP Growth	3.8%
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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