Singapore eases Singdollar policy as economy braces for recession

Singapore' economy is forecast to shrink by 1.0 to 4.0 per cent this year. - ST/ANN

SINGAPORE (The Straits Times/ANN): The Monetary Authority of Singapore (MAS) eased its policy stance on Monday (March 30) by setting the Singapore dollar's rate of appreciation at zero per cent at the prevailing lower level of its exchange rate policy band as the economy braces for a deep recession.

The widely expected move from the MAS is also effectively a lowering of the mid-point of the policy band. The last time the Singapore central bank lowered the band’s centre was during the global financial crisis in 2009.