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Monday, the Monetary Authority of Singapore said it will maintain the current policy stance of a zero percent appreciation of the Singapore dollar nominal effective exchange rate or S$NEER policy path. There will no change to the width of the policy band and the level at which it is centred, said MAS.
The central bank sees CPI inflation around zero percent in 2009, before rising to 1%-2% in 2010. The MAS underlying inflation measure, which excludes accommodation and private road transport costs, is also expected to come in around the same range.
The central bank said, "Against continuing weakness and uncertainties in the external economic environment, the strength of the recovery in the Singapore economy is expected to be moderate beyond the initial uplift."
Elsewhere, a report released by the Ministry of Trade and Industry showed an annual growth 0.8% in the Singapore economy during the third quarter of 2009, compared to a 3.2% contraction in the preceding quarter.
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