Singapur Zinssatz

The Monetary Authority of Singapore (MAS) eased its monetary policy again, following a similar move in January—the first since 2020—amid weaker-than-expected Q1 GDP growth of 3.8% and a deteriorating global economic outlook. The central bank said on Monday it would maintain a modest and gradual appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) band but at a slightly reduced rate. The width and center of the band remain unchanged. “Amid the weakening external outlook, Singapore's output gap will turn negative,” the central bank noted, adding that cost pressures will stay low and “MAS Core Inflation is forecast to stay well below 2%.” It also said, “The risks to inflation are tilted towards the downside.” MAS lowered its 2025 core inflation forecast to 0.5%-1.5% from 1.0%-2.0% previously and cut its headline inflation forecast to 0.5%-1.5%, from 1.5%-2.5%.