SINGAPORE, April 5 Singapore's central bank said
it will issue its half-yearly monetary policy statement on April
12, with all 11 forecasters polled by Reuters expecting it to
maintain the current appreciation path for the Singapore dollar.
Expectations for policy to be held steady were based on the
need for the Monetary Authority of Singapore (MAS) to prioritise
the containing of inflation over trying to boost an economy that
is barely growing.
The statement will be released at 8 a.m. (0000 GMT) on April
12, the calendar on the MAS website shows.
Advance gross domestic product estimates for the first
quarter will be issued at the same time, the Ministry of Trade
and Industry said.
The MAS policy statement will come just a week after the
Bank of Japan unleashed the world's most intense burst of
monetary stimulus on Thursday, promising to inject about $1.4
trillion into the economy in the hopes of ending two decades of
A spokeswoman for the MAS said earlier on Friday it would
not comment on the Bank of Japan's stimulus right now as its
policy statement would be coming out soon.
The Reuters poll on MAS policy was issued on April 3, before
the Japanese announcement.
Inflation in Singapore is likely to ease to 3.8 percent this
year from last year's 4.6 percent, the MAS's latest survey of
The survey also showed GDP likely growing 2.8 percent this
year after the 1.3 percent expansion in 2012, helped by a
recovery in manufacturing and financial services. The economists
expected most of the growth in the second half of the year, with
an expansion of just 0.8 percent seen for the first quarter.
Singapore, a small trade-dependent island and global
financial centre, manages monetary policy by letting its dollar
rise or fall against the currencies of its main trading partners
within an undisclosed trading band.
The MAS can adjust the slope of the trading band to show
whether it favours allowing the Singapore dollar to appreciate
at a faster or slower pace. It can force a rise or fall in the
value of the currency by adjusting the midpoint of the band.
In its last policy statement in October, the MAS defied
expectations of an easing by keeping the Singapore dollar on its
"modest and gradual appreciation" path with "no change to the
slope and width of the policy band as well as the level at which
it is centred".