Monetary Policy

Singapore’s monetary policy has been centred on the management of the exchange rate since the early 1980s, with the primary objective of promoting medium term price stability as a sound basis for sustainable economic growth.  The choice of our monetary policy regime is predicated on the small and open nature of the Singapore economy.

There are three main features of the exchange rate system in Singapore.

  1. The Singapore dollar is managed against a basket of currencies of our major trading partners.
  2. MAS operates a managed float regime for the Singapore dollar with the trade-weighted exchange rate allowed to fluctuate within a policy band.
  3. The exchange rate policy band is periodically reviewed to ensure that it remains consistent with the underlying fundamentals of the economy.

Highlights

Monetary Policy Statement

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

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Cover page of Macroeconomics Review

Macroeconomic Review

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

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Monetary Policy Framework

Basic facts on Singapore's unique monetary policy framework.

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Last Modified on 21/06/2014