Arab Today, arab today singapore eases monetary policy on weaker growth prospects
Last Updated : GMT 08:48:08
Arab Today, arab today
Arab Today, arab today

Singapore eases monetary policy on weaker growth prospects

Arab Today, arab today

Arab Today, arab today Singapore eases monetary policy on weaker growth prospects

Singapore - Xinhua

The Monetary Authority of Singapore eased its monetary policy on Friday after a six monthly review of the policy band of the Singapore dollar against a basket of foreign currencies. The Ministry of Trade and Industry released its advance estimates for the third quarter on the same day, showing that the Singapore economy avoided a technical recession. The Monetary Authority said it expected future growth to be below the trend of 3-5 percent and inflation pressures to ease. WEAKER GROWTH PROSPECTS The Ministry of Trade and Industry said it expected the global economic conditions to soften, with Singapore\'s electronics cluster bearing the brunt. \"For the rest of the year, growth could be weighed down by the softening global economic conditions. In particular, the electronics cluster is expected to remain weak due to the easing of global electronics demand,\" it said. Nevertheless, the full-year growth will still be around 5 percent, thanks to the strength of the biomedical sector in the near term. The economy grew by 5.9 percent year on year in the third quarter. On a seasonally-adjusted quarter-on-quarter annualized basis, the economy grew by 1.3 percent to avoid a technical recession which is defined as two consecutive quarters of quarter- on-quarter contraction. It contracted by 6.3 percent on a seasonally-adjusted quarter-on-quarter annualized basis in the second quarter. The ministry said that the strength of the biomedical sector helped lift manufacturing growth to 13.2 percent year on year. The other sectors were relatively weak, with construction growing by just 0.4 percent and services expanding by 3.6 percent, respectively. INFLATION EXPECTED TO EASE The Monetary Authority said on Friday that the prospects for growth in Singapore\'s major trading partners have deteriorated given the stresses and fragility in advanced economies. With the slowdown in demand, growth in the Singapore economy could fall below its potential rate of 3-5 percent. It expects core inflation to ease next year, although headline inflation could stay elevated in the near term reflecting the higher imputed rental cost of owner-occupied housing. EASING MONETARY POLICY The central bank said it will continue with the policy of \"a modest and gradual appreciation\" of the Singapore dollar. Given the expected moderation in core inflation, the slope of the policy band will be reduced, with no change to the width of the band and the level at which it is centered. This means that the pace of appreciation for the Singapore dollar is expected to slow. Singapore adopts an exchange rate-based monetary policy, allowing the local currency to appreciate to curb imported and domestic inflation when price pressures are high. It manages the value of the Singapore dollar against a basket of currencies and the trade-weighted exchange rate fluctuates within a policy band. The Singapore dollar hit record highs against the U.S. dollar in July after the monetary authority tightened monetary policy for three times since April 2010.

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 eases monetary policy on weaker growth prospects Arab Today, arab today singapore eases monetary policy on weaker growth prospects

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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