Singapore eases monetary policy as growth grinds to a halt

Cheaper notes: The Monetary Authority of Singapore moved to a neutral policy of 0 appreciation in the exchange rate, causing the local dollar to slide and dragging down currencies across Asia-Pacific.— Bloomberg

SINGAPORE: Singapore’s central bank unexpectedly eased its monetary stance, adopting a policy last used during the 2008 global financial crisis, as economic growth in the trade-dependent city-state ground to a halt.

The Monetary Authority of Singapore moved to a neutral policy of 0% appreciation in the exchange rate, causing the local dollar to slide and dragging down currencies across Asia-Pacific. The surprise announcement came two days after the International Monetary Fund warned of the risk of negative shocks to the global economy.