The Monetary Authority of Singapore said it would "re-centre the exchange rate policy band upwards", effectively tightening monetary policy. The Monetary Authority explained the move saying that "This policy will ensure price stability in the medium term while keeping growth on a sustainable path,". The Authority also said that "Amidst conditions of abundant global liquidity, the domestic three-month interbank rate has eased further since end-October last year to 0.44%." Singapore saw economic growth of 8.5% in 1Q 2011, after expanding a record 14.5% in 2010.
www.CentralBankNews.info
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