The Monetary Authority of Singapore (MAS) announced on Tuesday that it would keep its monetary policy unchanged, maintaining the current rate of appreciation for the Singapore dollar's nominal effective exchange rate (S$NEER) band. There will be no modification to the width or center of this band. The central bank highlighted that it had already eased policy twice this year and emphasized its capacity to effectively address any risks to medium-term price stability, while remaining vigilant of global uncertainties. Additionally, MAS shared preliminary data indicating that Singapore's economy expanded by 1.3% quarter-on-quarter in the third quarter of 2025. This is a slight decline from the 1.5% growth in the second quarter, but it surpassed expectations, driven by manufacturing and domestic demand. Year-on-year growth, however, fell to 2.9% from 4.5%. Looking ahead, MAS anticipates a deceleration in growth as trade-related sectors stabilize, although investment in AI, infrastructure expenditures, and favorable financial conditions are expected to support economic activity. Projected GDP growth is expected to revert to near-trend levels by 2026, with core inflation likely averaging 0.5% in 2025 and increasing to a range of 0.5–1.5% the following year.
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