Singapore, 11 November 2016… In response to media queries, the Monetary Authority of Singapore (MAS) said that the Singapore dollar nominal effective exchange rate (S$NEER) remains well within its policy band, notwithstanding increased volatility in international foreign exchange markets over the last few days. Domestic money markets continue to function normally and there is ample liquidity in the system.
2 Singapore’s exchange rate centred monetary policy framework provides sufficient flexibility to accommodate fluctuations in bilateral exchange rates of the Singapore dollar against other currencies. MAS does not target any bilateral exchange rate. The monetary policy stance remains as announced in October 2016.
3 MAS continues to closely monitor developments in the external environment and their impact on financial markets and the domestic economy. MAS stands ready to curb excessive volatility in the trade-weighted Singapore dollar if needed.