Monetary Policy and Economics

The Monetary Authority of Singapore (MAS) carries out the full range of central banking functions related to the formulation and implementation of monetary policy.

MAS’ monetary policy objective is price stability over the medium-term as the basis of sustainable economic growth.  As monetary policy in Singapore is centred on the management of the trade-weighted exchange rate, MAS carries out foreign exchange operations to ensure that the Singapore dollar nominal effective exchange rate remains within the policy band. 

MAS also conducts money market operations to provide sufficient liquidity for a well-functioning banking system and to meet banks' demand for reserve and settlement balances.


Monetary Policy Statement

MAS’ regular monetary policy announcements are scheduled in April and October.

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Macroeconomic Review

The Review is published twice a year, in conjunction with the Monetary Policy Statement release.  It provides the background analysis and assessment of Singapore’s economy which form the basis for MAS’ monetary policy decisions.

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Monetary Policy Framework

Learn more about Singapore’s unique monetary policy framework.

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Last Modified on 03/01/2017