Singapore tightens monetary policy as price pressures grow

The central bank, which manages its policy through exchange rate settings, said it would raise slightly the slope of its currency policy band, from 0% previously.

SINGAPORE: Singapore’s central bank unexpectedly tightened its monetary policy yesterday, delivering its first such move in three years, amid mounting cost pressures caused by supply constraints and a recovery in the global economy.

The city-state joined a group of economies globally that have begun to dial back heavy pandemic-era monetary stimulus, as the threat of inflation outweighs the growth risks posed by the coronavirus.