MAS Holds Policy Steady, Sees Gradual 2024 Growth Despite Slowing Inflation
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MAS kept monetary policy unchanged, expecting Singapore's economy to improve gradually in 2024 amid slowing inflation.
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MAS maintained the slope, width, and midpoint of the S$NEER policy band, saying the current appreciation path is assessed to be sufficiently tight.
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MAS shifted to a quarterly monetary policy statement schedule starting 2024 for more frequent reviews amid global uncertainty.
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Singapore's GDP grew 0.7% year-on-year in Q3, picking up from 0.5% growth in Q2, but full-year growth still expected at the lower half of 0.5-1.5%.
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Core inflation forecast revised down to average 2.5-3.5% in 2024 on moderating global prices and slowing labor costs.
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