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.

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
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 2001First release of the Monetary Policy Statement by MAS.
- - -

- 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.