Singapore releases Q3 GDP advance estimates, MAS monetary policy

A bicycle owner rides on Esplanade bridge as buildings stand within the Central Enterprise District in Singapore on Monday, July 6, 2020.

Wei Leng Tay | Bloomberg | Getty Photos

SINGAPORE — Singapore’s economic system grew 6.5% within the third quarter of 2021 in comparison with a 12 months in the past, official advance estimates confirmed on Thursday.

Analysts polled by Reuters had anticipated the Singapore economic system to develop 6.6% year-on-year within the third quarter.

On a quarter-on-quarter seasonally adjusted foundation, the economic system expanded by 0.8%, Singapore’s Ministry for Commerce and Business mentioned in a press release.

In a separate launch, the Financial Authority of Singapore — the nation’s central financial institution — mentioned it raised barely the slope of its foreign money band, the Singapore greenback nominal efficient alternate price band.

The width of the coverage band and the extent at which it’s centered is unchanged, the central financial institution mentioned.

The MAS manages financial coverage by setting the alternate price, quite than rates of interest, by permitting the Singapore greenback to rise or fall inside an undisclosed band in opposition to a basket of currencies. It adjusts the band by three levers: the slope, the mid-point and the width.

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