The Monetary Authority of Singapore (MAS) tightened its policy stance for the first time in three years on Tuesday, in a widely expected move, as it braces for potential economic fallout from the Middle East conflict. The central bank slightly increased the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) band, while keeping its width and centre unchanged. Policymakers expect Singapore’s GDP growth to ease this year, with output gap averaging around zero. At the same time, rising imported energy costs and broader price pressures are likely to lift MAS Core Inflation in the near term. Forecasts for both MAS Core Inflation and CPI-All Items inflation were raised to 1-1/2% to 2-1/2% from 1% to 2.0%. Private transport costs are set to increase due to higher fuel prices, offset by softer inflation in accommodation. MAS stressed it remains well-positioned to safeguard medium-term price stability and stands ready to curb excessive volatility in the S$NEER.

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