Monetary Policy

MAS conducts monetary policy based on sound economic analysis and careful surveillance. Find out about our monetary policy framework and central bank operations, and access our statements, reports and models.

Overview

MAS carries out the full range of central banking functions related to formulating and implementing monetary policy. Monetary policy in Singapore is centred on managing the trade-weighted exchange rate with the objective to ensure price stability over the medium term as a basis for sustainable economic growth.

Singapore's Monetary Policy Framework

Monetary policy in Singapore is centred on the exchange rate. Learn more about our unique monetary policy framework. 

MAS Monetary Policy Statements

MAS' regular monetary policy announcements, scheduled for release in April and October.

MAS Macroeconomic Review

An assessment of developments in Singapore's economy which forms the basis for MAS' monetary policy decisions. Published twice a year, in conjunction with Monetary Policy Statement. 

Consumer Price Developments

Monthly updates of consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.

Recent Economic Developments in Singapore

A semi-annual brief on the Singapore economy, which also discusses external developments pertinent to our assessment of near-term economic prospects.

MAS Survey of Professional Forecasters

A summary of forecasts of Singapore's key economic indicators by economists and analysts. Conducted quarterly following release of economic data.

Central Bank Operations

MAS implements monetary policy by undertaking foreign exchange operations to keep the Singapore dollar nominal effective exchange rate within a policy band consistent with ensuring price stability. 

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. Details of MAS’ liquidity management framework are set out in this monograph.

Liquidity Facilities

MAS operates S$ liquidity facilities to reduce interest rate volatility and ensure the smooth functioning of the S$ payment systems.  MAS also operates several foreign currency liquidity facilities to support banks’ RMB and USD liquidity management in Singapore.

Emergency Liquidity Assistance

MAS has powers to provide emergency liquidity assistance (ELA) to a financial institution to safeguard the stability of, or public confidence in the financial system. 

MAS Bills

MAS issues MAS Bills as part of money market operations, and to provide high-quality liquid assets for banks in Singapore to meet their regulatory needs. MAS Bills are available only to institutions.

FX Global Code

As a participant in the global foreign exchange wholesale market, MAS commits to adhering to the principles of the FX Global Code when acting as a market participant. The principles promote robust, fair, open and transparent FX market, based on high ethical standards.

SORA

The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of unsecured overnight interbank SGD borrowing transactions in Singapore. MAS is the administrator of SORA. This section contains information on SORA's methodology and governance process.

MAS Floating Rate Notes

MAS issues SORA Floating Rate Notes (FRN) to support the development of SORA-based markets.

Economics Education

Access educational materials for students of economics. 

Economics Explorer

Get an introduction to the functions of MAS, inflation and monetary policy through this series.

CPI Inflation Calculators

Compute inflation-adjusted prices for goods and services, as well as wages, using annual Consumer Price Index (CPI) data from 1961 to the present.

Inflation Video

Watch this short animation video to understand key inflation concepts: What is inflation? What are its causes and effects? How does MAS combat inflationary pressures?

MAS-ESS Essay Competition

The MAS-ESS Essay competition is organised by MAS and the Economic Society of Singapore (ESS). Read more about MAS-ESS Essay Competition 2022.

The Making of MAS

Read more on MAS' journey to a full-fledged central bank.

Research 


Macroeconometric Models

When formulating monetary policy, MAS uses macroeconomic modelling extensively for policy simulation. Get details of our two main models: the Monetary Model of Singapore and Satellite Model of Singapore.

Asian Monetary Policy Forum

This flagship event is a platform for academics, policymakers and financial practitioners to exchange views and share insights on economic, financial and monetary policy issues confronting Asia.

Economic Essays

Economic Essays are short research or analytical pieces by the economists and visiting academics to the Economic Policy Group. Each essay analyses issues of current interest.

Staff Papers

MAS Staff Papers analyse issues of current interest. The opinions expressed in the paper are those of the author(s) and not of MAS.

Digital Currencies

Money and payments are changing rapidly in a digital economy. See research by MAS and external economists on new forms of digital money.