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The Monetary Authority of Singapore (MAS) kept its monetary policy unchanged on Thursday as widely expected. As indicated in the October meeting, policymakers observed that a neutral policy stance is appropriate for an extended period and should ensure medium-term price stability.
Instead of interest rates, the Monetary Authority of Singapore (MAS) uses the currency exchange rate to set monetary policy because of the city-state's small and open economy. MAS said it will maintain the rate of appreciation of the S$NEER policy band at zero percent.
The MAS reiterated the forward guidance from its last review and warned of "significant policy uncertainty". The central bank acknowledged "slightly" improved prospects for the world economy but said "downside risks remain, alongside significant policy uncertainty," underscoring worries among global policymakers about the outlook in the face of U.S. President Donald Trump's protectionist threats, Brexit and geopolitical risks in the Middle East and North Korea.
MAS core inflation was forecast to rise gradually, largely on account of higher global oil prices. Core inflation is projected to average 1-2 percent this year, while overall consumer price inflation is forecast to rise to 0.5-1.5 percent. Over the medium term, core inflation is expected to trend towards but average slightly below 2 percent.
