July 16, 2020 / 4:16 AM / 19 days ago

Singapore's financial system robust despite deepest downturn - c.bank chief

SINGAPORE, July 16 (Reuters) - Singapore’s financial system remains robust and resilient even as the economy suffers its most severe downturn due to the coronavirus pandemic, central bank chief Ravi Menon said on Thursday.

“The aim of monetary policy during this crisis is to prevent a broadening of dsinflationary pressures that would be destabilising for the economy,” the Monetary Authority of Singapore’s (MAS) managing director said in a speech that accompanied the release of the central bank’s annual report.

Data this week showed that the trade-reliant economy plunged into recession in the second quarter after contracting by a record 41.2%. nL3N2EL3CH]

The MAS maintained its official GDP forecast in the range of -4% to -7% for 2020, keeping the city-state on track for its biggest ever slump.

Menon said there was substantial uncertainty over global economic outlook. “There will no doubt be a recovery, but it will be uneven across countries, across industries, and across time,” he said. (Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Kim Coghill)

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