Singapore Widens Currency Band

To control inflation, the Monetary Authority of Singapore seeks to steepen and widen the band on the local dollar, while continuing to seek a modest and gradual appreciation of the currency, reports the Straits Times.

 

The island nation's inflation is set to rise to 4% by end of the year and stay high in the first half of 2011.

 

"While inflation has been largely driven by higher car and commodity prices so far this year, other domestic sources of cost pressures have emerged amidst buoyant economic conditions," says the MAS in a statement obtained by the Times.

 

Estimates show that Singapore's gross domestic product shrank an annualised 19.8% in the third quarter from the previous three months after climbing a revised 27.3% in the April-to-June period, says the Times.
 

 

 

MORE ARTICLES ON CURRENCY

Read more on

Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern