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Singapore Allows Currency Appreciation

Singapore will let its currency appreciate further in a bid to fight inflation.

Singapore will let its currency appreciate further in a bid to fight inflation, Bloomberg reports. The move will ensure price stability in the medium term and keep growth on a sustainable path, said the Monetary Authority of Singapore.

No changes will be made to the slope and width of the currency’s trading band. The monetary authority utilizes the exchange rate, instead of the interest rates to conduct policy, adjusting the rate of appreciation or depreciation against an undisclosed band of currencies.

Click here for the story from Bloomberg.

Click here for additional coverage from AFP.

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