The Monetary Authority of Singapore tightened its monetary policy on April 14th, 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. 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 July of 2022.
Interest Rate in Singapore is expected to be 0.60 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.