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Singapore’s MAS has been pioneering efforts to make these credits more viable through initiatives like the "Transition Credits Coalition" (TRACTION), a programme launched at COP28 to scale up transactions from pilot phases to more substantial, market-ready frameworks.
Despite the uptick in inflation, private-sector economists anticipate that the Monetary Authority of Singapore (MAS) will maintain its current monetary policy stance at the upcoming meeting in October. This outlook stems from the belief that the central bank is likely to prioritize stability amid the evolving economic landscape.
Chia highlighted that recent economic indicators have shown growth trending towards the upper end of this range, and he expects the final figure for the year to fall squarely within it. His comments followed a report from private-sector economists, who recently revised their GDP growth forecast for 2024 up to 2.6%, an increase from the previous 2.4% projection made in an MAS survey in June.
Singapore's core inflation rate decreased to 2.5% in July, marking the lowest level since February 2022.
Minister of State for Culture, Community and Youth, Alvin Tan, highlighted NTUC’s longstanding dedication to its social mission, underscoring its efforts since its establishment in 1970 to support workers and families through various initiatives.
The MAS’s decision to maintain its current policy stance reflects a cautious approach to managing the Singapore dollar's nominal effective exchange rate.
MAS has chosen to uphold its exchange rate-based monetary policy, announcing today its decision to keep the status quo for the third consecutive meeting.
Credit Suisse faces penalty for its failure to prevent misconduct by its relationship managers in the Singapore branch.
Menon stated that during the pilot phase, Singapore's central bank would collaborate with local banks to assess the application of wholesale CBDCs for streamlining domestic payments.