Monetary Authority of Singapore: FX and Money Markets Operating Normally Amid Middle East Developments

The Monetary Authority of Singapore (MAS) said it is “closely monitoring developments” related to the ongoing situation in the Middle East and assessing potential implications for Singapore’s domestic economy and financial system.

In response to media queries, the central bank confirmed that Singapore’s foreign exchange and money markets “continue to function normally.”

MAS added that the Singapore dollar nominal effective exchange rate (S$NEER) remains within its appreciating policy band, which is designed to help moderate imported inflationary pressures.

Referring to its January Monetary Policy Statement, MAS noted that it remains “in an appropriate position to respond, if necessary, to risks to medium-term price stability.”