Singapore's central bank on Friday loosened its monetary policy, the first such move since 2020, saying it expects inflation and growth to be slower than it initially forecast this year. The Monetary Authority of Singapore (MAS),

SINGAPORE – When the Government forecast in November 2024 that the Singapore economy would expand at a slower pace in 2025 and inflation dropped to a surprisingly low level the very next month, analysts said it was just a matter of time before the central bank adjusted its monetary policy accordingly.

The Monetary Authority of Singapore said it would slightly reduce the slope of its exchange rate policy band, known as the Singapore dollar nominal effective exchange rate or S$NEER. MAS said Singapore's growth momentum is expected to slow over this year,

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Singapore’s 30-year government bond yields sit around 200 basis points below Treasuries of a similar tenor, the largest discount ever.

Singapore’s central bank eased its monetary policy for the first time in nearly five years, saying economic growth is likely to slow this year and inflation will stay contained.

Inflation has declined from a peak of 5.5% in early 2023 and December's rise is the smallest since November 2021, when it rose by 1.6%.

Introduction and Background - On 5 December 2024, as part of the Monetary Authority of Singapore’s (MAS) incremental efforts to ensure responsible

For 2024 as a whole, core inflation averaged 2.7 per cent, down from 4.2 per cent in 2023, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said in their joint report on Jan 23. Overall inflation averaged 2.4 per cent, halved from 4.8 per cent the previous year.

For 2024, core inflation averaged 2.7%, pulling back sharply from the 4.2% rate seen in 2023. The headline measure came in at 2.4% versus 4.8% in 2023, suggesting that policymakers' efforts to tame price pressures have been a success.

Singapore’s currency weakness is likely to endure amid expectations that its central bank pivots to easing and US tariffs ripple through the global economy.