The Monetary Authority of Singapore (MAS) unexpectedly tightened its monetary policy on October 14th as policymakers seek to ensure price stability over the medium-term. The central bank said it would raise slightly the slope of the S$NEER policy band, from zero percent previously. This means the Singapore dollar will be allowed to appreciate against a basket of currencies within an undisclosed band. The width of the policy band and the level at which it is centered will be unchanged, it added. The MAS manages monetary policy through exchange rate settings, rather than interest rates. The Singaporean dollar appreciated slightly to a 3-week high of 1.34 per USD.
Historically, the Singapore Dollar reached an all time high of 2.31 in September of 1985. Singapore Dollar - data, forecasts, historical chart - was last updated on October of 2021.
The Singapore Dollar is expected to trade at 1.35 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.37 in 12 months time.