In view of current weak GDP data, the Monetary Authority of Singapore (MAS) has decided to ease the Singapore dollar (SGD) for the first time since 2003.
Unlike many other central banks who usually adjust key interest rate, the MAS manages the Singapore dollar in an undisclosed, unadjusted weighted average value of its currency relative to all major currencies being traded within a basket of currencies. This exchange rate, a.k.a. Singapore dollar nominal effective exchange rate (S$NEER), is to be shifted from the earlier gradual appreciation band to zero-appreciation, as announced by the MAS. MAS will maintain the current level of the policy band, with no re-centering of the band or change to its width. This act is to attempt to to slow the appreciation of Singapore dollar to support the export-driven economy.
10 Oct 2008 - MAS Monetary Policy Statement
What does S$NEER Stands for?
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