Singapore's central bank is widely expected to keep monetary policy unchanged next week and hold off easing settings amid inflation and growth uncertainties ...
SINGAPORE - Singapore 's central bank is widely expected to keep monetary policy unchanged next week and hold off easing settings amid inflation and growth uncertainties caused by geopolitical tensions.
"We see a reduction of slope of the S$NEER policy band in the first half of the year, while a more drastic move of bringing down the mid-point of the band might be on the cards in the second half of 2025, should imported inflation continue to step down discernibly."Inflation in the Asian financial hub remains sticky. While it cooled from a peak of 5.5% in early 2023, it remained at 2.7% year-on-year in August.
Growth slowed to 1.1% in 2023 from 3.8% in 2022. Its GDP rose 2.9% on a year-on-year basis in the second quarter of 2024, stronger than expected and leading economists to upgrade their forecasts. Central banks globally have started to cut rates. The Federal Reserve last month delivered a larger-than-usual half-percentage-point reduction, while the European Central Bank is tipped to cut rates next week for the third time this year.Maybank economists said the falling SORA interest rate alongside the U.S. rate cuts can be seen as a de-facto easing.
The MAS has not changed policy since a tightening in October 2022, which was the fifth in a row, as broader concerns about growth kept authorities sidelined.
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