21 February 2015

Editor
The Economist

Dear Editor,

You asserted that Singapore adjusted the trading band of its currency allowing the Singapore Dollar to weaken against the US Dollar to make sure that its exports stayed competitive (“Money-changers at bay”, 7th Feb 2015). The adjustment was in fact made in view of the significant changes to the inflation outlook and not to boost exports. Currency weakening in an economy as open as Singapore is not effective in enhancing competitiveness.

Edward Robinson
Assistant Managing Director (Economic Policy) & Chief Economist
Monetary Authority of Singapore