What is the Monetary Authority of Singapore's policy to help increase the value of the Singapore Dollar?

You can refer to sgs.gov.sg/macro_overview/macrooverview_... Monetary Policy Singapore to get a glimpse of Singapore monetary policy, exchange rate policy, monetary policy operation. It was said that “The key objective of Singapore's monetary policy is to maintain price stability for sustained economic growth. Since 1981, monetary policy in Singapore has been centred on the exchange rate.

This reflects the fact that in the small and open Singapore economy where imports and exports amount to more than twice GDP, the exchange rate is the most effective tool in controlling inflation. €?. So, the official key objective is to maintain price stability, rather than increase the value of Singapore dollar.

URL2 MAS Monetary Policy Statement is semi-annual. Its latest statement (dated 14 Apr 09) says: “In our assessment, the current level of the S$NEER is appropriate for maintaining domestic price stability over the medium term, taking into account the prospects for growth in the Singapore economy. MAS will therefore re-centre the exchange rate policy band to the prevailing level of the S$NEER, while keeping the zero percent appreciation path.

The width of the band will remain unchanged. The Singapore economy continues to be anchored by sound fundamentals and a resilient financial system. There is therefore no reason for any undue weakening of the Singapore dollar.

€? Take note that they are taking “zero percent appreciation path�. Depreciation of SGD is good for growth.

They have to consider both price stability and growth. Take note that the next new Monetary Policy Statement may be released at around 10 Oct – 14 Oct 2009 (guessing from previous dates).

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