The Monetary Authority of Singapore (MAS) maintained its monetary policy setting in April 2024, extending the pause for the fourth time in a row amid elevated cost pressure. The authority said it would keep the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate policy band (S$NEER), with no changes being made to its width and the level at which it is centered. The MAS added that it will closely monitor global and domestic economic developments, and remain vigilant to risks to inflation and growth. The central bank mentioned that it expects the country’s GDP to expand between 1 to 3% this year, supported by a recovery in the manufacturing and financial sectors, and normalization in the domestic-oriented sectors. Meanwhile, MAS’s preferred core inflation gauge is projected to stay high in the immediate quarters ahead, before notably easing in Q4 2024 and into 2025. In January-February, core inflation averaged 3.4% from the prior year. source: Monetary Authority of Singapore

The benchmark interest rate in Singapore was last recorded at 3.42 percent. Interest Rate in Singapore averaged 1.17 percent from 1988 until 2024, reaching an all time high of 20.00 percent in January of 1990 and a record low of -0.75 percent in October of 1993. This page provides the latest reported value for - Singapore Average Overnight Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Singapore Average Overnight Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2024.

The benchmark interest rate in Singapore was last recorded at 3.42 percent. Interest Rate in Singapore is expected to be 3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Average Overnight Interest Rate is projected to trend around 2.40 percent in 2025 and 2.20 percent in 2026, according to our econometric models.



Related Last Previous Unit Reference
Banks Balance Sheet 3484534.70 3424521.90 SGD Million Mar 2024
Central Bank Balance Sheet 778367.00 774871.20 SGD Million Apr 2024
Foreign Exchange Reserves 500307.20 497575.70 SGD Million Apr 2024
Monetary Policy Statement 3.42 3.53 percent Apr 2024
Bank Lending 807751.70 801477.30 SGD Million Mar 2024
Money Supply M0 62349.90 62497.70 SGD Million Mar 2024
Money Supply M1 266517.80 261803.70 SGD Million Mar 2024
Money Supply M2 793632.50 785690.90 SGD Million Mar 2024
Money Supply M3 808614.00 800691.40 SGD Million Mar 2024

Singapore Average Overnight Interest Rate
The Monetary Authority of Singapore does not control the monetary system by monitoring interest rates. Instead, it manages the Singapore dollar (SGD) exchange rate against a trade-weighted basket of currencies of Singapore's major trading partners and competitors. The Singapore Overnight Rate Average or SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8.00am and 6.15pm.
Actual Previous Highest Lowest Dates Unit Frequency
3.42 3.53 20.00 -0.75 1988 - 2024 percent Daily


News Stream
Singapore Holds Monetary Policy Steady
The Monetary Authority of Singapore (MAS) maintained its monetary policy setting in April 2024, extending the pause for the fourth time in a row amid elevated cost pressure. The authority said it would keep the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate policy band (S$NEER), with no changes being made to its width and the level at which it is centered. The MAS added that it will closely monitor global and domestic economic developments, and remain vigilant to risks to inflation and growth. The central bank mentioned that it expects the country’s GDP to expand between 1 to 3% this year, supported by a recovery in the manufacturing and financial sectors, and normalization in the domestic-oriented sectors. Meanwhile, MAS’s preferred core inflation gauge is projected to stay high in the immediate quarters ahead, before notably easing in Q4 2024 and into 2025. In January-February, core inflation averaged 3.4% from the prior year.
2024-04-12
Singapore Leaves Monetary Policy Setting Unchanged
The Monetary Authority of Singapore (MAS) maintained its monetary policy setting in its first quarterly monetary policy decision of the new year, extending the pause from its 2023 meetings amid elevated cost pressure. The authority said it will closely monitor global and domestic economic developments, and remain vigilant to risks to inflation and growth. MAS added that it expects the country’s GDP to expand between 1 to 3% this year, unchanged from the October projection. In 2023, the economy grew by 1.2%, much softer than a 3.6% advance in 2022. Meanwhile, the central bank’s preferred core inflation gauge is projected to rise in the current quarter, partly due to the one-off impact of the 1%-point hike in the goods and services tax (GST) from January 2024. That said, policymakers forecast core inflation to average between 2.5 to 3.5% in 2024, the same figures as its earlier forecast. Excluding the impact of the GST hike, core inflation is estimated to average between 1.5 to 2.5%.
2024-01-29
Singapore Leaves Monetary Policy Setting Unchanged
The Monetary Authority of Singapore (MAS) maintained its monetary policy setting for the second time this year on October 13th, as it seeks to balance the need to control inflation against signs of improving GDP growth outlook. In its half-yearly monetary policy statement, the central bank kept the prevailing rate of appreciation of the S$NEER policy band and there will be no change to its width and the level at which it is centered. MAS said Singapore’s economic growth is projected to improve gradually in 2024, but warned of a weaker-than-expected recovery due to uncertainty in the global economy. The central bank also announced that it will release monetary policy quarterly from next year, adding that statements will be issued in January, April, July, and October. "This is part of continuing efforts to enhance monetary policy communications," it said in a statement. The board currently holds two scheduled monetary policy meetings a year, in April and October.
2023-10-13