Arab Today, arab today singapore lets currency rise
Last Updated : GMT 17:14:53
Arab Today, arab today
Arab Today, arab today

Singapore lets currency rise

Arab Today, arab today

Arab Today, arab today Singapore lets currency rise

Singapore - Arabstoday

Singapore’s central bank tightened its monetary policy Friday by allowing for a stronger currency to combat the island’s stubbornly high inflation rate. A jump in global oil prices since October has quickened inflation to near 5 percent in Singapore, which imports all of its fuel. A stronger Singapore dollar would lower the prices of imports while possibly making the country’s exports less competitive. Unlike most central banks, The Monetary Authority of Singapore uses currency, rather than a benchmark lending rate, to help control money supply. The bank’s statement Friday indicated it would allow the Singapore dollar to rise at a faster rate. The shift in policy will likely speed the rate of appreciation by one percentage point to between 2 percent and 3 percent a year, said Robert Prior-Wandesforde, director of Asian economics at Credit Suisse in Singapore. Besides Singapore and Indonesia, policymakers in Asia will likely hold steady or ease monetary policy amid concern about slowing economic growth, Prior-Wandesforde said. “We doubt Singapore’s monetary tightening move will be replicated in Asia this year,” he said. “The crucial difference is the fact that Singapore inflation is comparatively high.” The central bank also raised its inflation forecast for this year by one percentage point to between 3.5 percent and 4.5 percent. “Inflation has come in stronger than expected since October and will remain elevated over the next few months,” the central bank said in its biannual monetary policy statement. “External inflationary pressures are likely to be sustained, largely due to higher oil prices.” The central bank sets a trading range for the Singapore dollar though doesn’t publicly disclose the details. It intervenes to keep the currency inside the trading band. The government also released first quarter preliminary growth figures Friday based on data mostly from January and February. The city-state’s economic growth slowed to 1.6 percent in the first quarter from a year earlier, the trade and industry ministry said. The government is forecasting growth of 1 percent to 3 percent this year, down from 4.9 percent last year. However, compared with the fourth quarter, the economy expanded a seasonally adjusted, annualized 9.9 percent and avoided a recession after falling 2.5 percent in the October to December period. Manufacturing, led by pharmaceuticals and electronics, rebounded strongly in the first quarter from a contraction in the fourth, buoyed by better than expected global demand. Construction and services also improved compared with the fourth quarter. “Today’s message is clear: Singapore is reaccelerating,” DBS bank said in a report.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singapore lets currency rise Arab Today, arab today singapore lets currency rise

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today singapore lets currency rise Arab Today, arab today singapore lets currency rise

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday