Singapore’s central bank, the Monetary Authority of Singapore, is playing it cool this week, expected to keep its monetary policy unchanged.
Inflation is chilling out, and US-China trade drama is still flashing red, but the local economy is toddling along just fine.
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No money printing?
16 out of 20 experts betting on steady policy, though a handful, including voices from DBS Group and TD Securities, say MAS might loosen up after holding steady since July.
MAS, unlike most central banks that tug interest rates this way and that, prefers a more exotic dance, managing the Singapore dollar’s strength to keep prices stable, especially since Singapore’s economy rides heavily on trade.
The strategy sounds a bit like playing chess while others are swinging swords.
Experts highlighted that Indonesia and New Zealand are slashing interest rates to juice up their economies, Thailand, Malaysia, and Australia are watching closely, pausing before making a move.
The US Federal Reserve threw its own curveball by lowering borrowing costs for the first time since last December, making the global monetary soup even murkier.
Singapore’s central bank is expected to leave monetary policy unchanged this week as it weighs subdued inflation and the lingering threat of US trade measures against a resilient domestic growth outlook. https://t.co/koEpK9ZJZJ
— Bloomberg (@business) October 12, 2025
Tariffs
Lloyd Chan, senior currency analyst at MUFG, sums it up, MAS isn’t rushing to react, waiting patiently for any real signs the economy is faltering before pulling any policy levers.
President Trump, ever the tariff maestro, announced plans for more tariffs and software export controls by November 1.
China’s commerce ministry didn’t hold back, blaming Washington for ratcheting tensions and warning that while it doesn’t want war, it’s ready to defend its turf.
Despite these headline-making squabbles, US markets caught a breather.
S&P 500 futures popped 0.9%, Nasdaq 100 futures climbed 1.2%, and Vice President JD Vance urged Beijing to “choose the path of reason,” waving the stick that Trump has even more cards to play if talks collapse.
Watching and waiting
On the home front, Singapore is quietly showing its mettle. August delivered a surprise, consumer spending outpaced expectations, manufacturing hit a healthy 56.4 mark, not just a fluke, but its eighth straight month of growth.
Real estate stepped up too, with private home prices rising at their fastest pace in three quarters, thanks largely to new apartment sales.
All of this pumped up the Singapore dollar, which has gained over 5% against the greenback this year, holding steady since MAS’s last call.
Singapore’s story is a patient one, watching, waiting, and balancing acts amid trade tempests and fluctuating markets. If calm is the new cool in central banking, MAS is leading the way.
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: October 14, 2025 • 🕓 Last updated: October 14, 2025
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