Singapore's monetary policy stance remains appropriate after GDP revised higher: MAS

The Monetary Authority of Singapore (MAS) building in Shenton Way.
The Monetary Authority of Singapore (MAS) building in Shenton Way. PHOTO: ST FILE

SINGAPORE (REUTERS) - Singapore's current monetary policy stance remains appropriate, a senior official for the Monetary Authority of Singapore (MAS) said on Friday (Aug 11), after second-quarter economic growth was revised higher and exceeded analysts' expectations.

"The GDP forecast range for this year has been narrowed to 2-3 per cent, which is within the planning parameters of the MAS's April 2017 monetary policy decision. Accordingly, the monetary policy stance remains as announced in April," MAS deputy managing director Jacqueline Loh told reporters.

The MAS kept its exchange-rate based policy unchanged at its last policy decision in April, saying a "neutral" stance is appropriate for an extended period. The central bank's next policy decision is due in October.

Data released on Friday showed Singapore's economy grew much faster than the government initially estimated in the April-June quarter, helped by expansions in the services sector and manufacturing.