The countryÆs central bank, the Monetary Authority of Singapore MAS, which uses the exchange rate rather than interest rates as its policy tool, said in a statement that it was shifting to a zero-percent appreciation stance in the currencyÆs nominal effective exchange rate NEER, in order to support the economy.
MAS, with about $170 billion of reserves, manages the Singapore dollar against an undisclosed trade-weighted basket of currencies. It last reined in appreciation in 2003 when...
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