Alvin Tan on stability of the Singapore dollar
The Monetary Authority of Singapore (MAS) conducts monetary policy by managing the Singapore Dollar Nominal Effective Exchange Rate (S$NEER). Since October 2021, the S$NEER has been on a gradual appreciating path against its trade-weighted basket of currencies. This strengthening trend will continue following the most recent April policy statement. The US dollar continues to be the major currency used in international trade. The diversified currency composition of the basket reflects the pattern of Singapore's trade with its main import sources and export markets. No single currency dominates in the basket or unduly affects the stability of the Singapore dollar. MAS Board Member Alvin Tan said this in reply to an MP’s question in parliament on Thursday (May 7).
The Monetary Authority of Singapore (MAS) conducts monetary policy by managing the Singapore Dollar Nominal Effective Exchange Rate (S$NEER). Since October 2021, the S$NEER has been on a gradual appreciating path against its trade-weighted basket of currencies. This strengthening trend will continue following the most recent April policy statement. The US dollar continues to be the major currency used in international trade. The diversified currency composition of the basket reflects the pattern of Singapore's trade with its main import sources and export markets. No single currency dominates in the basket or unduly affects the stability of the Singapore dollar. MAS Board Member Alvin Tan said this in reply to an MP’s question in parliament on Thursday (May 7).
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