Strengthening the Monetary
Policy Formulation Process
In the context of an increasingly
volatile environment, we intensified efforts to enhance the
surveillance and forecasting framework for monetary policy.
This includes a greater emphasis on quantitative policy analysis,
which has allowed us to assess the impact of various policy
options under different scenarios. We also decided to shift
the schedule of our semi-annual monetary policy cycle from January/July
to April/October. A review of the experience in the past two
years suggested that the shift in the policy cycle would facilitate
the incorporation of the fiscal impact of the annual Budget
on the economy in the April review of monetary policy. It would
also allow MAS to make better use of the forecast and data releases
by the Ministry of Trade and Industry and Department of Statistics
to assess the economic outlook and the appropriate monetary
policy stance. To enhance public understanding of price developments
in the economy, MAS decided to release the Inflation Monthly
report on our website.
Enhancing Risk-focused Supervisory Approach
Box 1 – Fostering a Sound and Progressive
Financial Services Sector
