Recent History
This chart summarises changes in MAS’ monetary policy stance and developments in the S$NEER, the intermediate target of Singapore’s monetary policy.
Vertical dashed lines (------) indicate changes to the settings of the S$NEER policy band. Click here to view and download S$NEER data.
List of Monetary Policy Decisions
MAS’ monetary policy decisions since 2001. Click on the date to view the Monetary Policy Statement.
| Date | Changes to Policy Settings | ||
|---|---|---|---|
| Slope of Policy Band | Width of Policy Band | Level at which Policy Band is Centred | |
| 27 Jul 2026 | Increase very slightly | - | - |
| 14 Apr 2026 | Increase slightly |
- | - |
| 29 Jan 2026 | - | - | - |
| 14 Oct 2025 | - | - | - |
| 30 Jul 2025 | - | - | - |
| 14 Apr 2025 | Reduce slightly |
- | - |
| 24 Jan 2025 |
Reduce slightly |
- | - |
| 14 Oct 2024 |
- | - | - |
| 26 Jul 2024 |
- | - | - |
| 12 Apr 2024 |
- | - | - |
| 29 Jan 2024 | - | - | - |
| 13 Oct 2023 |
- | - | - |
| 14 Apr 2023 | - | - | - |
| 14 Oct 2022 | - | - | Re-centre upwards, at prevailing level of the S$NEER |
| 14 Jul 2022* |
- |
- |
Re-centre upwards, at prevailing level of the S$NEER |
| 14 Apr 2022 | Increase slightly |
- | Re-centre upwards, at prevailing level of the S$NEER |
| 25 Jan 2022* | Increase slightly | - | - |
| 14 Oct 2021 | Increase slightly |
- | - |
| 14 Apr 2021 | - | - | - |
| 14 Oct 2020 | - | - | - |
| 30 Mar 2020 | Set at 0% |
- | Re-centre downwards, at prevailing level of the S$NEER |
| 14 Oct 2019 |
Reduce slightly |
- | - |
| 12 Apr 2019 |
- | - | - |
| 12 Oct 2018 |
Increase slightly | - | - |
| 13 Apr 2018 |
Increase slightly | - | - |
| 13 Oct 2017 |
- | - | - |
| 13 Apr 2017 | - | - | - |
| 14 Oct 2016 |
- | - | - |
| 14 Apr 2016 |
Set at 0% |
- | - |
| 14 Oct 2015 |
Reduce slightly |
- | - |
| 14 Apr 2015 |
- | - | - |
| 28 Jan 2015* |
Reduce |
- | - |
| 14 Oct 2014 |
- | - | - |
| 14 Apr 2014 | - | - | - |
| 14 Oct 2013 |
- | - | - |
| 12 Apr 2013 |
- | - | - |
| 12 Oct 2012 | - | - | - |
| 13 Apr 2012 | Increase slightly | Restore narrower band | - |
| 14 Oct 2011 | Reduce | - | - |
| 14 Apr 2011 |
- | - | Re-centre upwards, to below prevailing level of the S$NEER |
| 14 Oct 2010 | Increase slightly | Widen slightly | - |
| 14 Apr 2010 | Increase | - | Re-centre upwards, at prevailing level of the S$NEER |
| 12 Oct 2009 | - | - | - |
| 14 Apr 2009 | - | - | Re-centre downwards, at prevailing level of the S$NEER |
| 10 Oct 2008 | Set at 0% | - | - |
| 10 Apr 2008 | - | - | Re-centre upwards, at prevailing level of the S$NEER |
| 10 Oct 2007 | Increase slightly |
- | - |
| 10 Apr 2007 | - | - | - |
| 10 Oct 2006 | - | - | - |
| 11 Apr 2006 | - | - | - |
| 11 Oct 2005 | - | - | - |
| 12 Apr 2005 | - | - | - |
| 11 Oct 2004 | - | - | - |
| 12 Apr 2004 | Increase | - | - |
| 10 Oct 2003 | - | - | - |
| 10 Jul 2003 | - | - | Re-centre downwards, at prevailing level of the S$NEER |
| 2 Jan 2003 | - | - | - |
| 11 Jul 2002 | - | - | - |
| 2 Jan 2002 | - | Restore narrower band |
Re-centre downwards, at prevailing level of the S$NEER |
| 10 Oct 2001* | - | Widen | - |
| 12 Jul 2001 | Set at 0% | - | - |
| 22 Feb 2001 |
- | - | - |
- Indicates that the parameter was left unchanged.
* Denotes an off-cycle monetary policy announcement. MAS has released monetary policy statements on a semi-annual cycle since 2001, and statements were issued in April and October between October 2003 to October 2023. Since 2024, MAS has been releasing monetary policy monetary statements four times a year, in January, April, July and October.