Singapore becomes ninth country to weaken currency this month

Section:

Singapore Dollar Is Weakest Since 2010

By Sharon Chen
Bloomberg News
Wednesday, January 28, 2015

SINGAPORE -- Singapore unexpectedly eased monetary policy, sending the currency to the weakest since 2010 against the U.S. dollar as the country joined global central banks in shoring up growth amid dwindling inflation.

The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool, said in an unscheduled statement Wednesday it will seek a slower pace of appreciation against a basket of currencies. It cut the inflation forecast for 2015, predicting prices may fall as much as 0.5 percent.

The move was the first emergency policy change since one following the Sept. 11, 2001 attacks for the MAS -- which only has two scheduled policy announcements a year -- reflecting how the plunge in oil has changed the outlook in recent months. Singapore becomes at least the ninth nation to ease policy this month, as officials from Europe to Canada and India contend with escalating disinflation and faltering global growth. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-01-28/singapore-joins-global...



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