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.
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