The Monetary Authority of Singapore (MAS) maintained its monetary policy stance. It kept the rate of appreciation of the Nominal Effective Exchange Rate Index (S$NEER) policy band unchanged at our estimated pace of 0.5%, as well as its width and central level. This decision aligned with our expectations, supported by Singapore’s relatively strong economic performance, including an above-trend GDP growth of 3.9% over the first to the third quarters. The economy outperformed in the first half of the year, driven by robust manufacturing and export activity. The latest 3Q GDP data released today reinforces this momentum, ... (full story)