Singapore and Philippines make unscheduled policy decisions

Monetary Authority of Singapore
The Monetary Authority of Singapore
George Johnson

The central banks of Singapore and the Philippines both tightened monetary policy in unscheduled announcements today (July 14).

The Monetary Authority of Singapore said it would re-centre the mid-point of the policy band of its official exchange rate. The MAS uses the Singapore dollar’s nominal effective exchange rate as its main monetary policy tool.

The Central Bank of the Philippines (BPS) raised its benchmark interest rate by 75 basis points to 3.25%.

The moves come a day after the

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