Comments by MAS on the Monetary Policy Stance

Singapore, 5 February 2020 In response to media queries, the Monetary Authority of Singapore (MAS) said that its monetary policy stance remains unchanged. However, there is sufficient room within the policy band to accommodate an easing of the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) in line with the weakening of economic conditions as a result of the outbreak of the 2019 novel coronavirus (2019-nCoV) in China and other countries, including Singapore.

2 In October 2019, MAS reduced slightly the rate of appreciation of the S$NEER policy band. The S$NEER has been fluctuating near the upper bound of the policy band since then. There is therefore sufficient room in the band for the S$NEER to ease in line with any weakness in the Singapore economy in the coming months.

3 MAS is monitoring economic developments closely. The next policy review remains as scheduled in April 2020.

Source: Monetary Authority of Singapore