The Monetary Authority of Singapore (Abbreviation: MAS; Chinese:新加坡金融管理局; Malay: Penguasa Kewangan Singapura) is Singapore's central bank and financial regulatory authority. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.
History
The MAS was founded in 1971 to oversee various monetary functions associated with banking and finance. Before its establishment, monetary functions were performed by government departments and agencies.
As Singapore progressed, an increasingly complex banking and monetary environment required more dynamic and coherent monetary administration. Therefore, in 1970, the Parliament of Singapore passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The act gives MAS the authority to regulate all elements of monetary policy, banking, and finance in Singapore.
The Singapore dollar or dollar (Malay: Ringgit Singapura, sign: $; code: SGD) is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
Between 1845 and 1939, Singapore used the Straits dollar.
This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.
Singapore continued to use the common currency upon joining Malaysia in 1963, but only two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down.
Singapore established the Board of Commissioners of Currency, Singapore, on 7 April 1967 and issued its first coins and notes. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973, and interchangeability with the Brunei dollar is still maintained.
Pearl smuggler Matt Gordon (Fred MacMurray) finds romance with Linda Grahame (Ava Gardner) just before the start of World War II. He proposes to her, and she accepts. However, when the Japanese attack Singapore, the church where she is waiting to marry him is bombed; Gordon searches frantically in the wreckage, but cannot find her. He is forced to sail away on his schooner.
With the end of the war, Gordon returns after five years and is met by Deputy Commissioner Hewitt (Richard Haydn), who is convinced he has returned for a hidden cache of pearls. So are Gordon's old criminal associates, Mr. Mauribus (Thomas Gomez) and his underling Sascha Barda (George Lloyd). Mauribus offers to buy the pearls, but Gordon denies he has any.
Singapore's central bank further tightened monetary policy settings. The Monetary Authority of Singapore, which manages its currency exchange rate as its main policy tool, re-centered its policy band higher and raised the slope. Selena Ling, head of treasury research and strategy at OCBC Bank, discusses the MAS's move on "Bloomberg Daybreak: Asia."
published: 14 Apr 2022
Singapore's MAS tightens monetary policy
The Singapore dollar is set to appreciate further after an off-cycle move by the country's central bank. The Monetary Authority of Singapore said that it is tightening monetary policy to help slow the momentum of inflation and ensure price stability.
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published: 14 Jul 2022
Singapore tightens monetary policy for the fifth time in a year
Singapore's central bank is allowing the Sing dollar to strengthen further in a bid to curb inflation. It has tightened monetary policy for the fifth time in 12 months. One analyst said it's a necessary move for Singapore's small and open economy as it imports most of its consumer goods and services. The Monetary Authority of Singapore expects the core inflation rate to hover around 5% for the rest of 2022 and early 2023.
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published: 14 Oct 2022
Singapore Tightens Monetary Policy to Fight Inflation
Singapore's central bank unexpectedly tightened monetary policy in its second surprise move this year, as it seeks to tame surging inflation. The Monetary Authority of Singapore, which uses foreign exchange as its main policy tool, signaled in a statement that it will re-center the midpoint of the policy band up to its prevailing level allowing the local currency to appreciate further against peers. David Finnerty reports on Bloomberg Television.
published: 14 Jul 2022
Singapore tightens monetary policy
A surprise move by Singapore's central bank may be a boon for people travelling overseas and make imported consumer goods cheaper. This is because the Monetary Authority of Singapore is allowing the country's currency to appreciate slightly. MAS is aiming to keep prices stable over the medium term amid rising inflation. Market watchers were expecting the central bank to strengthen the Singapore dollar next April. Observers said the announcement signals that economic growth will likely pick up sooner as more countries open up.
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...
published: 14 Oct 2021
A look at how S$NEER is used in Singapore's monetary policy
The Monetary Authority of Singapore (MAS) is holding its regular, bi-annual review on Oct 14.
A poll of economists by Bloomberg suggests MAS may move to strengthen the Singapore dollar to curb inflationary pressures. The central bank relies on currency exchange rates and a trading band for the dollar to stabilise prices, rather than tweaking interest rates. The Singapore Dollar Nominal Effective Exchange Rate (S$NEER) is the main policy tool of MAS.
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published: 13 Oct 2022
What Does a Tightened Monetary Policy Mean for Singapore?
In a move that caught analysts and economists off guard, the MAS has tightened monetary policy ahead of its usual April meeting. What does this mean for the Singapore dollar, amid rising inflation? And will the potential GST hike be delayed?
Read more at https://bt.sg/Jstj
published: 28 Jan 2022
MAS tightens monetary policy for third time in 6 months
Singapore has revised its headline inflation rate upwards to as much as 5.5 per cent for this year. This is about two percentage points higher than an earlier forecast in January. In a bid to slow down inflation, the country is tightening its monetary policy for the third time in six months.
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published: 14 Apr 2022
Singapore tightens monetary policy to fight inflation | THE BIG STORY
0:00 - THE BIG STORY
0:50 - SINGAPORE DOLLAR: MAS MAKES AGGRESSIVE MOVE
The Monetary Authority of Singapore, Singapore's central bank, is taking a more aggressive approach to further tighten its monetary policy settings in two ways, while also raising its inflation forecast.
Irvin Seah, a senior economist at DBS Bank, talks about whether the moves signals another round of tightening in the coming months either at or before the next review in October. He also shares what it means for Singapore's trade-reliant economy.
READ MORE: https://str.sg/w77U
7:29 - COE SUPPLY FOR MAY TO JULY TO INCREASE BY 14.3%
Also in the local headlines, the supply of certificates of entitlement (COE) will rise by 14.3 per cent for the three months from May to July. In all, there will be 11,951 COEs across fiv...
published: 14 Apr 2022
Economists expect MAS to tighten monetary policy amid rising inflation
Economists in Singapore expect the prices of goods and services to rise, but they said a tightening in monetary policy could slow or curtail the pace of increase. That's what at least 10 financial houses that CNA spoke to expect the Monetary Authority of Singapore to do soon, due to geopolitical shocks and inflationary pressures. Singapore's overall inflation rose to 4.3% in February, up slightly from 4% in January. Economists said full-year growth for 2022 will still come in within the official forecast range of 3% to 5%.
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Ins...
Singapore's central bank further tightened monetary policy settings. The Monetary Authority of Singapore, which manages its currency exchange rate as its main p...
Singapore's central bank further tightened monetary policy settings. The Monetary Authority of Singapore, which manages its currency exchange rate as its main policy tool, re-centered its policy band higher and raised the slope. Selena Ling, head of treasury research and strategy at OCBC Bank, discusses the MAS's move on "Bloomberg Daybreak: Asia."
Singapore's central bank further tightened monetary policy settings. The Monetary Authority of Singapore, which manages its currency exchange rate as its main policy tool, re-centered its policy band higher and raised the slope. Selena Ling, head of treasury research and strategy at OCBC Bank, discusses the MAS's move on "Bloomberg Daybreak: Asia."
The Singapore dollar is set to appreciate further after an off-cycle move by the country's central bank. The Monetary Authority of Singapore said that it is tig...
The Singapore dollar is set to appreciate further after an off-cycle move by the country's central bank. The Monetary Authority of Singapore said that it is tightening monetary policy to help slow the momentum of inflation and ensure price stability.
Subscribe to our channel here: https://cna.asia/youtubesub
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The Singapore dollar is set to appreciate further after an off-cycle move by the country's central bank. The Monetary Authority of Singapore said that it is tightening monetary policy to help slow the momentum of inflation and ensure price stability.
Subscribe to our channel here: https://cna.asia/youtubesub
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Singapore's central bank is allowing the Sing dollar to strengthen further in a bid to curb inflation. It has tightened monetary policy for the fifth time in 12...
Singapore's central bank is allowing the Sing dollar to strengthen further in a bid to curb inflation. It has tightened monetary policy for the fifth time in 12 months. One analyst said it's a necessary move for Singapore's small and open economy as it imports most of its consumer goods and services. The Monetary Authority of Singapore expects the core inflation rate to hover around 5% for the rest of 2022 and early 2023.
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Singapore's central bank is allowing the Sing dollar to strengthen further in a bid to curb inflation. It has tightened monetary policy for the fifth time in 12 months. One analyst said it's a necessary move for Singapore's small and open economy as it imports most of its consumer goods and services. The Monetary Authority of Singapore expects the core inflation rate to hover around 5% for the rest of 2022 and early 2023.
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Singapore's central bank unexpectedly tightened monetary policy in its second surprise move this year, as it seeks to tame surging inflation. The Monetary Autho...
Singapore's central bank unexpectedly tightened monetary policy in its second surprise move this year, as it seeks to tame surging inflation. The Monetary Authority of Singapore, which uses foreign exchange as its main policy tool, signaled in a statement that it will re-center the midpoint of the policy band up to its prevailing level allowing the local currency to appreciate further against peers. David Finnerty reports on Bloomberg Television.
Singapore's central bank unexpectedly tightened monetary policy in its second surprise move this year, as it seeks to tame surging inflation. The Monetary Authority of Singapore, which uses foreign exchange as its main policy tool, signaled in a statement that it will re-center the midpoint of the policy band up to its prevailing level allowing the local currency to appreciate further against peers. David Finnerty reports on Bloomberg Television.
A surprise move by Singapore's central bank may be a boon for people travelling overseas and make imported consumer goods cheaper. This is because the Monetary ...
A surprise move by Singapore's central bank may be a boon for people travelling overseas and make imported consumer goods cheaper. This is because the Monetary Authority of Singapore is allowing the country's currency to appreciate slightly. MAS is aiming to keep prices stable over the medium term amid rising inflation. Market watchers were expecting the central bank to strengthen the Singapore dollar next April. Observers said the announcement signals that economic growth will likely pick up sooner as more countries open up.
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A surprise move by Singapore's central bank may be a boon for people travelling overseas and make imported consumer goods cheaper. This is because the Monetary Authority of Singapore is allowing the country's currency to appreciate slightly. MAS is aiming to keep prices stable over the medium term amid rising inflation. Market watchers were expecting the central bank to strengthen the Singapore dollar next April. Observers said the announcement signals that economic growth will likely pick up sooner as more countries open up.
Subscribe to our channel here: https://cna.asia/youtubesub
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The Monetary Authority of Singapore (MAS) is holding its regular, bi-annual review on Oct 14.
A poll of economists by Bloomberg suggests MAS may move to strengt...
The Monetary Authority of Singapore (MAS) is holding its regular, bi-annual review on Oct 14.
A poll of economists by Bloomberg suggests MAS may move to strengthen the Singapore dollar to curb inflationary pressures. The central bank relies on currency exchange rates and a trading band for the dollar to stabilise prices, rather than tweaking interest rates. The Singapore Dollar Nominal Effective Exchange Rate (S$NEER) is the main policy tool of MAS.
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The Monetary Authority of Singapore (MAS) is holding its regular, bi-annual review on Oct 14.
A poll of economists by Bloomberg suggests MAS may move to strengthen the Singapore dollar to curb inflationary pressures. The central bank relies on currency exchange rates and a trading band for the dollar to stabilise prices, rather than tweaking interest rates. The Singapore Dollar Nominal Effective Exchange Rate (S$NEER) is the main policy tool of MAS.
Subscribe to our channel here: https://cna.asia/youtubesub
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In a move that caught analysts and economists off guard, the MAS has tightened monetary policy ahead of its usual April meeting. What does this mean for the Sin...
In a move that caught analysts and economists off guard, the MAS has tightened monetary policy ahead of its usual April meeting. What does this mean for the Singapore dollar, amid rising inflation? And will the potential GST hike be delayed?
Read more at https://bt.sg/Jstj
In a move that caught analysts and economists off guard, the MAS has tightened monetary policy ahead of its usual April meeting. What does this mean for the Singapore dollar, amid rising inflation? And will the potential GST hike be delayed?
Read more at https://bt.sg/Jstj
Singapore has revised its headline inflation rate upwards to as much as 5.5 per cent for this year. This is about two percentage points higher than an earlier f...
Singapore has revised its headline inflation rate upwards to as much as 5.5 per cent for this year. This is about two percentage points higher than an earlier forecast in January. In a bid to slow down inflation, the country is tightening its monetary policy for the third time in six months.
Subscribe to our channel here: https://cna.asia/youtubesub
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Singapore has revised its headline inflation rate upwards to as much as 5.5 per cent for this year. This is about two percentage points higher than an earlier forecast in January. In a bid to slow down inflation, the country is tightening its monetary policy for the third time in six months.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
Follow us:
CNA: https://cna.asia
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0:00 - THE BIG STORY
0:50 - SINGAPORE DOLLAR: MAS MAKES AGGRESSIVE MOVE
The Monetary Authority of Singapore, Singapore's central bank, is taking a more aggress...
0:00 - THE BIG STORY
0:50 - SINGAPORE DOLLAR: MAS MAKES AGGRESSIVE MOVE
The Monetary Authority of Singapore, Singapore's central bank, is taking a more aggressive approach to further tighten its monetary policy settings in two ways, while also raising its inflation forecast.
Irvin Seah, a senior economist at DBS Bank, talks about whether the moves signals another round of tightening in the coming months either at or before the next review in October. He also shares what it means for Singapore's trade-reliant economy.
READ MORE: https://str.sg/w77U
7:29 - COE SUPPLY FOR MAY TO JULY TO INCREASE BY 14.3%
Also in the local headlines, the supply of certificates of entitlement (COE) will rise by 14.3 per cent for the three months from May to July. In all, there will be 11,951 COEs across five categories, 1,499 COEs more than in the current February to April period.
READ MORE: https://str.sg/w77s
8:39 - DAISO TO INCREASE PRICES
Meanwhile, shoppers at Japanese discount store Daiso will soon have to pay more than $2 per item. From May 1, the budget retailer will no longer include the goods and services tax within that cost.
READ MORE: https://str.sg/w77v
8:57 - HONG KONG TO EASE COVID-19 RULES FROM APRIL 21
Looking beyond our borders, Hong Kong will relax its strict social distancing measures from April 21, as the city seeks to bring its economy back on track following its fifth and worst wave of the coronavirus pandemic.
READ MORE: https://str.sg/w77B
9:22 - NEW YORK SUBWAY SHOOTING SUSPECT ARRESTED
The man suspected of setting off smoke bombs and spraying gunfire inside a New York City subway car, injuring 23 people, was arrested on Wednesday (April 13) on a federal charge of violently attacking a mass transportation system, capping an around-the-clock manhunt.
READ MORE: https://str.sg/w7eA
9:50 - LIFE PICKS
In this week's Life Picks. Journalist Amanda Chai tells The Big Story about the Coach’s Bagel Shop, a collaboration between luxury brand Coach and Two Man Bagel House.
READ MORE: https://str.sg/w788 [For subscribers]
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0:00 - THE BIG STORY
0:50 - SINGAPORE DOLLAR: MAS MAKES AGGRESSIVE MOVE
The Monetary Authority of Singapore, Singapore's central bank, is taking a more aggressive approach to further tighten its monetary policy settings in two ways, while also raising its inflation forecast.
Irvin Seah, a senior economist at DBS Bank, talks about whether the moves signals another round of tightening in the coming months either at or before the next review in October. He also shares what it means for Singapore's trade-reliant economy.
READ MORE: https://str.sg/w77U
7:29 - COE SUPPLY FOR MAY TO JULY TO INCREASE BY 14.3%
Also in the local headlines, the supply of certificates of entitlement (COE) will rise by 14.3 per cent for the three months from May to July. In all, there will be 11,951 COEs across five categories, 1,499 COEs more than in the current February to April period.
READ MORE: https://str.sg/w77s
8:39 - DAISO TO INCREASE PRICES
Meanwhile, shoppers at Japanese discount store Daiso will soon have to pay more than $2 per item. From May 1, the budget retailer will no longer include the goods and services tax within that cost.
READ MORE: https://str.sg/w77v
8:57 - HONG KONG TO EASE COVID-19 RULES FROM APRIL 21
Looking beyond our borders, Hong Kong will relax its strict social distancing measures from April 21, as the city seeks to bring its economy back on track following its fifth and worst wave of the coronavirus pandemic.
READ MORE: https://str.sg/w77B
9:22 - NEW YORK SUBWAY SHOOTING SUSPECT ARRESTED
The man suspected of setting off smoke bombs and spraying gunfire inside a New York City subway car, injuring 23 people, was arrested on Wednesday (April 13) on a federal charge of violently attacking a mass transportation system, capping an around-the-clock manhunt.
READ MORE: https://str.sg/w7eA
9:50 - LIFE PICKS
In this week's Life Picks. Journalist Amanda Chai tells The Big Story about the Coach’s Bagel Shop, a collaboration between luxury brand Coach and Two Man Bagel House.
READ MORE: https://str.sg/w788 [For subscribers]
SUBSCRIBE ➤ http://bit.ly/FollowST
Turn on notifications 🔔 to stay updated
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Economists in Singapore expect the prices of goods and services to rise, but they said a tightening in monetary policy could slow or curtail the pace of increas...
Economists in Singapore expect the prices of goods and services to rise, but they said a tightening in monetary policy could slow or curtail the pace of increase. That's what at least 10 financial houses that CNA spoke to expect the Monetary Authority of Singapore to do soon, due to geopolitical shocks and inflationary pressures. Singapore's overall inflation rose to 4.3% in February, up slightly from 4% in January. Economists said full-year growth for 2022 will still come in within the official forecast range of 3% to 5%.
Subscribe to our channel here: https://cna.asia/youtubesub
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Economists in Singapore expect the prices of goods and services to rise, but they said a tightening in monetary policy could slow or curtail the pace of increase. That's what at least 10 financial houses that CNA spoke to expect the Monetary Authority of Singapore to do soon, due to geopolitical shocks and inflationary pressures. Singapore's overall inflation rose to 4.3% in February, up slightly from 4% in January. Economists said full-year growth for 2022 will still come in within the official forecast range of 3% to 5%.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
Follow us:
CNA: https://cna.asia
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Singapore's central bank further tightened monetary policy settings. The Monetary Authority of Singapore, which manages its currency exchange rate as its main policy tool, re-centered its policy band higher and raised the slope. Selena Ling, head of treasury research and strategy at OCBC Bank, discusses the MAS's move on "Bloomberg Daybreak: Asia."
The Singapore dollar is set to appreciate further after an off-cycle move by the country's central bank. The Monetary Authority of Singapore said that it is tightening monetary policy to help slow the momentum of inflation and ensure price stability.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
Follow us:
CNA: https://cna.asia
CNA Lifestyle: http://www.cnalifestyle.com
Facebook: https://www.facebook.com/channelnewsasia
Instagram: https://www.instagram.com/channelnewsasia
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Singapore's central bank is allowing the Sing dollar to strengthen further in a bid to curb inflation. It has tightened monetary policy for the fifth time in 12 months. One analyst said it's a necessary move for Singapore's small and open economy as it imports most of its consumer goods and services. The Monetary Authority of Singapore expects the core inflation rate to hover around 5% for the rest of 2022 and early 2023.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
Follow us:
CNA: https://cna.asia
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Facebook: https://www.facebook.com/channelnewsasia
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Twitter: https://www.twitter.com/channelnewsasia
TikTok: https://www.tiktok.com/@channelnewsasia
Singapore's central bank unexpectedly tightened monetary policy in its second surprise move this year, as it seeks to tame surging inflation. The Monetary Authority of Singapore, which uses foreign exchange as its main policy tool, signaled in a statement that it will re-center the midpoint of the policy band up to its prevailing level allowing the local currency to appreciate further against peers. David Finnerty reports on Bloomberg Television.
A surprise move by Singapore's central bank may be a boon for people travelling overseas and make imported consumer goods cheaper. This is because the Monetary Authority of Singapore is allowing the country's currency to appreciate slightly. MAS is aiming to keep prices stable over the medium term amid rising inflation. Market watchers were expecting the central bank to strengthen the Singapore dollar next April. Observers said the announcement signals that economic growth will likely pick up sooner as more countries open up.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
Follow us:
CNA: https://cna.asia
CNA Lifestyle: http://www.cnalifestyle.com
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The Monetary Authority of Singapore (MAS) is holding its regular, bi-annual review on Oct 14.
A poll of economists by Bloomberg suggests MAS may move to strengthen the Singapore dollar to curb inflationary pressures. The central bank relies on currency exchange rates and a trading band for the dollar to stabilise prices, rather than tweaking interest rates. The Singapore Dollar Nominal Effective Exchange Rate (S$NEER) is the main policy tool of MAS.
Subscribe to our channel here: https://cna.asia/youtubesub
Subscribe to our news service on Telegram: https://cna.asia/telegram
Follow us:
CNA: https://cna.asia
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In a move that caught analysts and economists off guard, the MAS has tightened monetary policy ahead of its usual April meeting. What does this mean for the Singapore dollar, amid rising inflation? And will the potential GST hike be delayed?
Read more at https://bt.sg/Jstj
Singapore has revised its headline inflation rate upwards to as much as 5.5 per cent for this year. This is about two percentage points higher than an earlier forecast in January. In a bid to slow down inflation, the country is tightening its monetary policy for the third time in six months.
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0:00 - THE BIG STORY
0:50 - SINGAPORE DOLLAR: MAS MAKES AGGRESSIVE MOVE
The Monetary Authority of Singapore, Singapore's central bank, is taking a more aggressive approach to further tighten its monetary policy settings in two ways, while also raising its inflation forecast.
Irvin Seah, a senior economist at DBS Bank, talks about whether the moves signals another round of tightening in the coming months either at or before the next review in October. He also shares what it means for Singapore's trade-reliant economy.
READ MORE: https://str.sg/w77U
7:29 - COE SUPPLY FOR MAY TO JULY TO INCREASE BY 14.3%
Also in the local headlines, the supply of certificates of entitlement (COE) will rise by 14.3 per cent for the three months from May to July. In all, there will be 11,951 COEs across five categories, 1,499 COEs more than in the current February to April period.
READ MORE: https://str.sg/w77s
8:39 - DAISO TO INCREASE PRICES
Meanwhile, shoppers at Japanese discount store Daiso will soon have to pay more than $2 per item. From May 1, the budget retailer will no longer include the goods and services tax within that cost.
READ MORE: https://str.sg/w77v
8:57 - HONG KONG TO EASE COVID-19 RULES FROM APRIL 21
Looking beyond our borders, Hong Kong will relax its strict social distancing measures from April 21, as the city seeks to bring its economy back on track following its fifth and worst wave of the coronavirus pandemic.
READ MORE: https://str.sg/w77B
9:22 - NEW YORK SUBWAY SHOOTING SUSPECT ARRESTED
The man suspected of setting off smoke bombs and spraying gunfire inside a New York City subway car, injuring 23 people, was arrested on Wednesday (April 13) on a federal charge of violently attacking a mass transportation system, capping an around-the-clock manhunt.
READ MORE: https://str.sg/w7eA
9:50 - LIFE PICKS
In this week's Life Picks. Journalist Amanda Chai tells The Big Story about the Coach’s Bagel Shop, a collaboration between luxury brand Coach and Two Man Bagel House.
READ MORE: https://str.sg/w788 [For subscribers]
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Economists in Singapore expect the prices of goods and services to rise, but they said a tightening in monetary policy could slow or curtail the pace of increase. That's what at least 10 financial houses that CNA spoke to expect the Monetary Authority of Singapore to do soon, due to geopolitical shocks and inflationary pressures. Singapore's overall inflation rose to 4.3% in February, up slightly from 4% in January. Economists said full-year growth for 2022 will still come in within the official forecast range of 3% to 5%.
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The Monetary Authority of Singapore (Abbreviation: MAS; Chinese:新加坡金融管理局; Malay: Penguasa Kewangan Singapura) is Singapore's central bank and financial regulatory authority. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.
History
The MAS was founded in 1971 to oversee various monetary functions associated with banking and finance. Before its establishment, monetary functions were performed by government departments and agencies.
As Singapore progressed, an increasingly complex banking and monetary environment required more dynamic and coherent monetary administration. Therefore, in 1970, the Parliament of Singapore passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The act gives MAS the authority to regulate all elements of monetary policy, banking, and finance in Singapore.