- Singapore Unexpectedly Eases Monetary Policy After “Economy Grinds To A Halt”
by Tyler Durden, www.zerohedge.com
… the Monetary Authority of Singapore, unexpectedly eased monetary policy and drew a line against further appreciation when it announced that it would move to zero-percent appreciation in its currency.
The MAS also said that width of policy band and the level at which it is centered will be unchanged while adding that the Singapore economy is projected to expand at a more modest pace in 2016 than envisaged in the October policy review,” the central bank said. “Core inflation should also pick up more gradually over the course of 2016 than previously anticipated.”
The decision came as a surprise to economists, as 12 of the 18 polled said they expected no change from the central bank. It also surprised the SGD which proceeded to slide against the dollar following the announcement.