MAS keeps monetary policy unchanged as Singapore GDP grows 5.4% in Q3新加坡金融管理局维持货币政策不变，新加坡第三季度GDP增长5.4%。
The Monetary Authority of Singapore (MAS) maintained its monetary policy on Wednesday (Oct 14), following previous tightenings in April and July.Citing an expected steady economic growth and forecasted easing of inflation in mid-2027, the central bank said it will keep the current rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.There will also be no...
The Monetary Authority of Singapore (MAS) maintained its monetary policy on Wednesday (Oct 14), following previous tightenings in April and July.
Citing an expected steady economic growth and forecasted easing of inflation in mid-2027, the central bank said it will keep the current rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
There will also be no change to its width and the level at which it is centred.
Ten analysts polled earlier by Reuters had all expected a tightening .
MAS said the S$NEER has "strengthened modestly" within the upper half of the appreciating policy band since its "very slight" tightening in July.
"The current appreciating policy band will allow the S$NEER to continue to strengthen and lean against the anticipated near-term rise in imported inflation, ensuring the gradual easing of inflationary pressures in 2027," it stated.
The S$NEER is a trade-weighted exchange rate which can appreciate or depreciate within a policy band set by MAS, to respond to short-term changes in the market.
GDP grew 5.4% in Q3 2026
Singapore's economy grew by 5.4 per cent in the third quarter of 2026, slightly slower from the 6.2 per cent in the second quarter, according to preliminary data from the Ministry of Energy, Trade and Industry on Wednesday.
On a quarter-on-quarter seasonally-adjusted basis, gross domestic product rose 1.1 per cent, down from the 1.5 per cent growth in the second quarter.
The central bank said Singapore's economy is expected to continue expanding steadily before the pace of AI-related activity eases in the second half of 2027.
The economy's positive output gap this year is forecast to narrow through next year.
Core inflation in July and August rose to 2.1 per cent year-on-year, from 1.5 per cent in the second quarter of 2026.
MAS said core and overall inflation are expected to remain at current "slightly elevated levels" in the near term, and moderate over 2027.
It renewed its forecasts for core inflation to average between1.5 per cent and 2.0 per cent for the whole of 2026, while overall inflation is expected to settle at 2 per cent.
The projected core and overall inflation for 2027 is an average of 1.5-2.5 per cent.
"For now, the risks to inflation remain tilted to the upside," Singapore's central bank said.
"MAS is well-positioned to respond effectively to any risk to medium-term price stability and will continue to closely monitor economic developments.
lim.kewei@asiaone.com
新加坡金融管理局（MAS）周三（10月14日）维持货币政策不变，此前该机构曾在4月和7月收紧货币政策。
新加坡央行表示，鉴于预计经济增长将保持稳定，且通胀预计将在 2027 年年中有所缓解，将维持新加坡元名义有效汇率（S$NEER）政策区间的当前升值幅度。
它的宽度和中心位置也不会改变。
路透社此前调查的十位分析师都预期货币政策会收紧。
新加坡金融管理局表示，自7月份“非常轻微”收紧以来，新加坡实际有效汇率（S$NEER）在升值政策区间的上半部分“小幅走强”。
“目前的升值政策区间将使新加坡元名义有效汇率继续走强，并抵消预期中的近期进口通胀上升，从而确保2027年通胀压力逐步缓解，”声明中指出。
新加坡实际有效汇率（S$NEER）是贸易加权汇率，可在新加坡金融管理局设定的政策区间内升值或贬值，以应对市场的短期变化。
2026年第三季度GDP增长5.4%
根据新加坡能源、贸易和工业部周三公布的初步数据，新加坡经济在2026年第三季度增长了5.4%，略低于第二季度的6.2%。
经季节调整后，国内生产总值环比增长1.1%，低于第二季度的1.5%的增幅。
新加坡央行表示，预计在人工智能相关活动增速于 2027 年下半年放缓之前，新加坡经济将继续稳步增长。
预计今年经济的产出缺口将持续收窄，到明年将进一步缩小。
7 月和 8 月核心通胀率同比上升至 2.1%，而 2026 年第二季度为 1.5%。
新加坡金融管理局表示，预计核心通胀和整体通胀在短期内将维持在目前的“略微偏高”水平，并在2027年之前保持温和态势。
该机构重申了其对2026年全年核心通胀率平均在1.5%至2.0%之间的预测，而整体通胀率预计将稳定在2%。
预计 2027 年核心通胀率和整体通胀率平均为 1.5%-2.5%。
新加坡央行表示：“目前来看，通胀风险仍然偏向上行。”
“新加坡金融管理局已做好充分准备，有效应对任何可能影响中期价格稳定的风险，并将继续密切关注经济发展。”
lim.kewei@asiaone.com