The Monetary Authority of Singapore unexpectedly tightened its monetary policy on July 14th, its 2nd surprise move this year, amid surging inflation. The board said it will re-center the mid-point of its exchange rate policy band to its prevailing level and there will be no change to the slope and width of the band. Thursday's move is the 4th time since October 2021 that the board has tightened its policy. The MAS raised its 2022 forecast for core inflation to be between 3 to 34.0%, up from an 2.5 to 3.5% projection made in April. Inflation is projected to rise slightly above 4.0% in the near term, before easing towards the end of the year. On the GDP outlook, the board forecast the 2022 figure to come in at the lower half of the 3–5% forecast range, due to slowing external growth momentum. Advance estimates showed the city's economy growing 4.8% yoy in Q2, after an upwardly revised 4.0% rise in Q1, on faster rises in manufacturing output, construction, and services activity. source: Monetary Authority of Singapore

Interest Rate in Singapore averaged 1.64 percent from 1988 until 2022, reaching an all time high of 20 percent in January of 1990 and a record low of -0.75 percent in October of 1993. This page provides the latest reported value for - Singapore Average Overnight Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Singapore Average Overnight Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.

Interest Rate in Singapore is expected to be 0.65 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Average Overnight Interest Rate is projected to trend around 1.00 percent in 2023, according to our econometric models.

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Singapore Average Overnight Interest Rate



Related Last Previous Unit Reference
Interest Rate 1.56 0.64 percent Jun 2022
Money Supply M1 283812.30 288655.90 SGD Million Jun 2022
Money Supply M0 58944.40 58922.30 SGD Million Jun 2022
Money Supply M2 759470.30 759000.80 SGD Million Jun 2022
Money Supply M3 773410.00 772508.30 SGD Million Jun 2022
Foreign Exchange Reserves 398550.00 437541.40 SGD Million Jul 2022
Banks Balance Sheet 3356521.10 3290894.50 SGD Million Jun 2022
Loans to Private Sector 841563.50 839750.90 SGD Million Jun 2022
Central Bank Balance Sheet 608057.80 596244.90 SGD Million Mar 2022

Singapore Average Overnight Interest Rate
The Monetary Authority of Singapore does not control the monetary system by monitoring interest rates. Instead, it manages the Singapore dollar (SGD) exchange rate against a trade-weighted basket of currencies of Singapore's major trading partners and competitors. The Singapore Overnight Rate Average or SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8.00am and 6.15pm.
Actual Previous Highest Lowest Dates Unit Frequency
1.56 0.64 20.00 -0.75 1988 - 2022 percent Daily

News Stream
Singapore Tightens Further Monetary Policy
The Monetary Authority of Singapore unexpectedly tightened its monetary policy on July 14th, its 2nd surprise move this year, amid surging inflation. The board said it will re-center the mid-point of its exchange rate policy band to its prevailing level and there will be no change to the slope and width of the band. Thursday's move is the 4th time since October 2021 that the board has tightened its policy. The MAS raised its 2022 forecast for core inflation to be between 3 to 34.0%, up from an 2.5 to 3.5% projection made in April. Inflation is projected to rise slightly above 4.0% in the near term, before easing towards the end of the year. On the GDP outlook, the board forecast the 2022 figure to come in at the lower half of the 3–5% forecast range, due to slowing external growth momentum. Advance estimates showed the city's economy growing 4.8% yoy in Q2, after an upwardly revised 4.0% rise in Q1, on faster rises in manufacturing output, construction, and services activity.
2022-07-14
Singapore Tightens Monetary Policy
The Monetary Authority of Singapore tigthened its monetary policy on Thursday, the third time in six months, as it aims to slow the inflation momentum and help ensure medium-term price stability. The annual inflation rate in the city state was at 4.3% in February 2022, the highest reading since February 2013. The central bank said it will re-center the mid-point of its exchange rate policy band “at the prevailing level” of the Singapore dollar nominal effective exchange rate (S$NEER). It will also raise slightly the rate of appreciation of the policy band. There will be no change to the width of the policy band. The MAS raised its 2022 forecast for core inflation to 2.5 and 3.5%, up from the 2 to 3% projection made in January. Inflation is projected to average between 4.5 to 5.5%, up from the earlier range of 2.5 to 3.5%. The board said barring major dislocations to the global economy, the domestic economy should grow at an above-trend pace for the 2nd straight year in 2022.
2022-04-14