Singapore's central bank keeps the rate of appreciation of its currency policy band unchanged

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Singapore's central bank keeps the rate of appreciation of its currency policy band unchanged

20 October 2026

The Monetary Authority of Singapore released its monetary policy statement on 14 October 2026.
MAS decided to maintain the rate of appreciation of the policy band.
The width of the band and the level at which it is centred were left unchanged.
MAS said the S$NEER had strengthened modestly within the upper half of the band since the July 2026 review.
At that July review MAS had slightly increased the rate of appreciation of the band.
Singapore conducts monetary policy through the exchange rate rather than through a policy interest rate.

Decision: Maintain the rate of appreciation of the policy band Band width and centre: Unchanged Statement date: 14 October 2026

Why it matters for exams: Singapore is the standard example of a central bank that targets the exchange rate instead of an interest rate.

Kerala PSCUPSCBank

20 October 2026 Source: Monetary Authority of Singapore

In plain words

MAS Monetary Authority of Singapore — Singapore's central bank and integrated financial regulator.

S$NEER Singapore Dollar Nominal Effective Exchange Rate — A trade-weighted index of the Singapore dollar that MAS manages within a policy band.