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Singapore's MAS unexpectedly holds policy steady as Q3 GDP beats forecasts
Singapore's central bank kept monetary policy unchanged today, surprising markets — 10 of 11 economists in a WSJ poll had expected tightening. Q3 GDP grew 5.4%, above the 5.1% forecast.
Why it matters
Markets had priced in a policy tightening from the Monetary Authority of Singapore (MAS) this month (we previewed those expectations on Oct 9). Holding steady instead moves the Singapore dollar and local inflation expectations directly.
Full report
The Monetary Authority of Singapore announced today it is keeping monetary policy unchanged, holding the appreciation rate, width and centre of the S$NEER policy band. The decision surprised markets: 10 of 11 economists in a Wall Street Journal poll had expected a tightening.
MAS narrowed its 2026 core inflation forecast to 1.5%–2% (from 1.5%–2.5%). The Q3 GDP advance estimate released the same day showed 5.4% year-on-year growth, above the 5.1% poll (Q2 was revised to 6.2%), and 1.1% quarter-on-quarter.
MAS said growth should stay firm before moderating as the AI cycle cools. The Singapore dollar slipped slightly after the announcement, with USD/SGD around 1.28.
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