Past Monetary Policy Decisions
MAS formulates monetary policy by setting a path for the Singapore dollar nominal effective exchange rate (S$NEER) policy band to ensure price stability in the medium term.
Monetary Policy Statements are issued twice a year, in April and October, to communicate MAS’ monetary policy decision. In each review, changes can be made to the following parameters:
(i) the slope of the policy band (i.e. its rate of appreciation),
(ii) the width of the policy band, and
(iii) the level at which the policy band is centred.
MAS’ monetary policy decisions since 2001. Click on the date to view the Monetary Policy Statement.
- Indicates that the parameter was left unchanged.
* Denotes an off-cycle monetary policy announcement. Since October 2003, MAS’ semi-annual monetary policy cycle has been scheduled for April and October.