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 January, April, July 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 April and October.
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 on inflation, monetary policy, and central banking.
Inflation and Monetary Policy
MAS carries out the full range of central banking functions related to formulating and implementing monetary policy. Learn more about MAS' role as a central bank and our its role in formulating Singapore’s monetary policy.
Economics Explorer
Get an introduction to the functions of MAS, inflation and monetary policy through this series.
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.
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.