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.