Monetary Authority of Singapore building in Singapore.
Wei Leng Tay | Bloomberg | Getty Images
Singapore on Friday loosened its monetary policy for the first time since 2020 as it seeks to boost growth.
The Monetary Authority of Singapore said it will slightly reduce the slope of the exchange rate policy band, known as the Singapore Nominal Effective Exchange Rate, or S$NEER.
There will be no changes in the breadth of the policy or the level at which it is focused, Mas added.
Unlike other central banks that adjust their domestic lending rates, MAS opts for changes in the exchange rate settings of its currency.
The central bank strengthens or weakens its currency against major trading partners, effectively setting the S$ Neer. The exact exchange rate has not been set, but the S$neer can move within the set policy range, the precise levels of which have not been announced.
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