August 11, 2017 / 1:00 AM / a year ago

Singapore central bank official says policy stance remains appropriate

SINGAPORE (Reuters) - Singapore’s current monetary policy stance remains appropriate, a senior official for the Monetary Authority of Singapore (MAS) said on Friday, after second-quarter economic growth was revised much higher and exceeded analysts’ expectations.

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. REUTERS/Darren Whiteside

“The GDP forecast range for this year has been narrowed to 2-3 percent, which is within the planning parameters of the MAS’s April 2017 monetary policy decision. Accordingly, the monetary policy stance remains as announced in April,” MAS deputy managing director Jacqueline Loh told reporters.

The MAS kept its exchange-rate based policy unchanged at its last policy decision in April, saying a “neutral” stance is appropriate for an extended period. The central bank’s next policy decision is due in October.

Data released on Friday showed Singapore’s economy grew much faster than the government initially estimated in the April-June quarter, helped by expansions in the services sector and manufacturing.

Reporting by Masayuki Kitano; Editing by Kim Coghill

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