The Singapore’s Jewel Changi Airport on March 10, 2020. (Photo by JMS)

Singapore, Singapore — Singapore’s central bank eased monetary policy Friday for the first time in almost five years on expectations that inflation and economic growth will slow this year.

twin spin slot

The Monetary Authority of Singapore (MAS), which uses exchange rates rather than interest rates to control policy, said it would “reduce slightly the slope” of the dollar trading band, which it said “will ensure medium-term price stability”.

Article continues after this advertisement

The local dollar is pegged to a basket of currencies of its main trading partners and is allowed to rise or fall within an undisclosed band.

FEATURED STORIES BUSINESS BIZ BUZZ: DJ ‘John-C’ goes to AC BUSINESS Cebu Pacific flights to Masbate, Siargao moving to Clark BUSINESS Big retail chains asked to sell cheap NFA rice 

READ: Singapore, HK fave destinations of Filipino high-flyers

In a statement, the MAS said there would be no change to the width of the policy band or the level at which it is centered.

Article continues after this advertisement

The last time the MAS eased monetary policy was in March 2020, when Singapore was headed for a pandemic-sparked recession.

Article continues after this advertisement

It said it expected core inflation to average 1.0-2.0 percent this year, compared with the 1.5-2.5 percent projected in October.

Article continues after this advertisement

“Singapore’s imported costs should stay moderate, reflecting forecasts of global oil price declines and favorable supply conditions in key food commodity markets,” it said in the statement.

Singapore’s economy grew a forecast-topping 4.0 percent in 2024, according to advance estimates this month, but it is seen slowing to 1.0-3.0 percent in 2025, the MAS said.

Article continues after this advertisement

Singapore’s economic performance is often seen as a barometer of the global environment because of its dependence on international trade.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

The benchmark Philippine Stock Exchange Index (PSEi) shed 0.49 percent, or 36.67 points, to close at 7,400.33.

In a stock exchange filing on Friday, Ayala said Mitshubishi would get 50 percent ownership in AC Ventures Holdings Corp.holyspin, which owns 13 percent of fintech unicorn Mynt.

READ NEXT Singapore eases monetary policy for first time in five years Japan inflation jumps to 3.0% in December EDITORS' PICK Comelec mulls order to compel candidates to attend debates Depoliticized and biodiverse: A closer look at the new peso bill designs Hontiveros’ appeal: Give revised anti-teen pregnancy bill a fair chance Controversy aside, ‘Incognito’ is legit 429-day ordeal ends for 17 PH seafarers held by Yemen rebs House leaders press PhilHealth to defer 2025 premium collections MOST READ Revilla's name, number on ballot based on court decision – Comelec Southern Leyte earthquake: 5 injured, 191 houses damaged – governor Depoliticized and biodiverse: A closer look at the new peso bill designs Jollibee Group opens first Milksha concept store in the Philippines Follow @FMangosingINQ on Twitter --> View comments