The Monetary Authority of Singapore kept its Singapore dollar nominal effective exchange rate policy band unchanged at its July 2025 policy review, pausing after two earlier easings.
Singapore's central bank manages monetary policy through adjustments to the slope, width and centre of the S$NEER band rather than through a conventional interest rate instrument. Holding the band unchanged means the MAS is neither tightening nor easing the pace of currency appreciation.
GROWTH OUTLOOK
The MAS noted in its policy communication that Singapore's GDP growth was expected to slow in the second half of 2025.
The MAS said it was well-positioned to address medium-term price stability risks.
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