Monetary authority to build singapore in singapore.
Wei Ling Tai | Bloomberg | Getty Images
Singapore on Friday eased its monetary policy for the first time since 2020, as it strives to boost growth.
The Monetary Authority of Singapore said it would slightly reduce the slope of the exchange rate policy band, known as the Singapore dollar's effective exchange rate or S$neer.
MAS added that there is no change in the width of the policy scope or the level at which it focuses.
Unlike other central banks that adjust domestic lending rates, MAS chooses to change the exchange rate settings of its currency.
The central bank strengthens or weakens its currency against its major trading partners, thus effectively putting S$neer. The exact exchange rate is not set, instead, S$neer can move within the specified policy range, the exact levels of which are not disclosed.
-This is breaking news, please check back for more updates.
