Singapore Tasso Di Interesse

The Monetary Authority of Singapore (MAS) loosened its monetary policy in January 2025, its first such move since 2020 amid a faster-than-expected fall in core inflation and concerns about domestic economic slowdown as headwinds from global trade policy heighten. The central bank said it will slightly reduce the slope of the SGD nominal effective exchange rate (S$NEER) policy band, with no changes to its width or the level at which it is centered. Core inflation in the city economy fell to 1.9% yoy in Q4 from the prior 2.7%. Figures are expected to average 1.0–2.0% in 2025, lower than October's estimates of 1.5–2.5%. Meantime, headline inflation may reach between 1.5%–2.5% in 2025, compared to 2.4% in 2024. Regarding the GDP, growth is projected at around 1%-3% in 2025, less than 4% in 2024, with output levels keeping close to potential for 2025. "The impact of shifts in global trade policies could weigh on manufacturing and trade-related services sectors," MAS said in a statement.