The_King Posted October 14, 2022 Share Posted October 14, 2022 SINGAPORE - The central bank boosted its support for the Singapore dollar to fight inflation by tightening monetary policy again, though the move was not as aggressive as widely expected. The Monetary Authority of Singapore (MAS) said on Friday it will re-centre the midpoint of the trade-weighted Singdollar policy band up to its prevailing level. There will be no change to the slope and width of the band, it added. The Singdollar rose after the MAS move and was up 0.6 per cent at $1.4220 to the US dollar at 10.07am. "This policy shift, building on past tightening moves, will further reduce imported inflation and help curb domestic cost pressures," said MAS. "The policy stance will help dampen inflation in the near term and ensure medium-term price stability, providing the basis for sustainable economic growth," it added. The central bank tweaked its inflation forecasts, saying core inflation in 2022 will average around 4 per cent and headline inflation around 6 per cent. MAS had earlier predicted full-year headline inflation to come in at 5 per cent to 6 per cent and core inflation at 3 per cent to 4 per cent. MAS has now tightened monetary policy five times since October 2021. Two of these moves were off-cycle, that is, ahead of a scheduled meeting. The next policy statement is due in April. Singapore uses its currency as the main monetary policy tool to cool import costs - the main contributor to inflation here - leaving domestic interest rates tracking those of the United States Federal Reserve. Since the end of September 2021, the Singdollar has depreciated 6 per cent to the US dollar, while the US dollar index has gained 19 per cent. While weakening against the greenback, the Singdollar has appreciated by a cumulative 8.9 per cent against the currencies of all of its other trade partners except the Hong Kong dollar, which is pegged to the greenback. This has raised concerns about the erosion of Singapore's export competitiveness. Based on advance estimates, the Singapore economy grew by a better-than-expected 4.4 per cent on a year-on-year basis in the third quarter of 2022, easing slightly from the 4.5 per cent growth in the previous quarter. On a quarter-on-quarter seasonally adjusted basis, the economy expanded by 1.5 per cent. This was a turnaround from the 0.2 per cent contraction in the preceding quarter. Hence the economy avoided a technical recession, usually defined as two straight quarters of negative growth. More On This Topic MAS sees inflation easing in second half of 2023 S'pore avoids technical recession, economy beats forecast to grow 4.4% in Q3 Analysts said the recentring of the midpoint of the Singdollar's trade-weighted basket is typically used to align monetary policy to near-term economic pressures. Recentring refers to when MAS shifts the entire policy band within which the exchange rate is allowed to float. Raising this midpoint will thus push the Singdollar up against other currencies, although not as much as steepening the slope of the policy band or a widening of the band would have. Steepening the slope of the policy band allows the Singdollar to appreciate faster, while widening the band allows the currency to fluctuate within a bigger range than it normally can. Ms Cheryl Chan, senior vice-president for capital markets at online investment platform ADDX, said MAS has taken a balanced approach that is appropriate to the current global economic environment. Most analysts believe that the US and European economies are likely to enter recession next year, while China is already in the grip of a slowdown. “The central bank took the calibrated approach of not allowing the pace of currency appreciation to quicken further,” she said, adding that the Singdollar is already one of the strongest-performing currencies so far this year. “A Singapore dollar that is too strong could hurt exports and negatively impact economic growth at a time when the risk of a full-scale global recession cannot be written off,” said Ms Chan. Mr Brian Tan, senior regional economist at Barclays Bank in Singapore, said he expects no more MAS tightening in 2023. However, he added that the risk of another policy tightening remains significant if inflation expectations rise further because of the scheduled goods and services tax (GST) rate hike in January 2023. Analysts say consumers worldwide usually rush to buy expensive items such as cars, smart TVs and mobile phones ahead of an increase in taxes on consumption such as the GST. 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 14, 2022 Share Posted October 14, 2022 the kgk that recently bot hdb resale flat for 1.35m will be looking at monthly repayment of 4k for this yr and 5k next yr. song bo, pappy serfs??????? wahahahahahahahahaha https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-for-26th-straight-month-in-august-33-flats-sold-for-over-1m Link to comment Share on other sites More sharing options...
Bigbird Posted October 14, 2022 Share Posted October 14, 2022 18 minutes ago, socrates469bc said: the kgk that recently bot hdb resale flat for 1.35m will be looking at monthly repayment of 4k for this yr and 5k next yr. song bo, pappy serfs??????? wahahahahahahahahaha https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-for-26th-straight-month-in-august-33-flats-sold-for-over-1m Those who bought are retired downgraders who pays in cash lah! From landed to HDB! Why lesser space to clean. But the truth is to old to climb house stairs 2 floors to bedroom every night! 1 Link to comment Share on other sites More sharing options...
The_King Posted October 15, 2022 Author Share Posted October 15, 2022 17 hours ago, socrates469bc said: the kgk that recently bot hdb resale flat for 1.35m will be looking at monthly repayment of 4k for this yr and 5k next yr. song bo, pappy serfs??????? wahahahahahahahahaha https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-for-26th-straight-month-in-august-33-flats-sold-for-over-1m There a sucker born every min Heng I choose to buy a 99yr lease home which I pay in 3 yr instead of 12yr. And that was 5yr ago Hahahahahahaha song ah no debt Now watch ppl work 30yr just to finish paying housing loan 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 15, 2022 Share Posted October 15, 2022 3 hours ago, The_King said: There a sucker born every min Heng I choose to buy a 99yr lease home which I pay in 3 yr instead of 12yr. And that was 5yr ago Hahahahahahaha song ah no debt Now watch ppl work 30yr just to finish paying housing loan limpeh even better. limpeh bot my apartment in 2008 during the downturn. borrow 70% @ 1% for the past 13 yrs liao. only left 25% outstanding which limpeh can clear anytime. limpeh wanted to refinance early last yr for fixed 5yrs. but banks dont want to refinance becos outstanding less than sgd100k. wahahahahahahahahahahaha 1 Link to comment Share on other sites More sharing options...
The_King Posted October 15, 2022 Author Share Posted October 15, 2022 1 hour ago, socrates469bc said: limpeh even better. limpeh bot my apartment in 2008 during the downturn. borrow 70% @ 1% for the past 13 yrs liao. only left 25% outstanding which limpeh can clear anytime. limpeh wanted to refinance early last yr for fixed 5yrs. but banks dont want to refinance becos outstanding less than sgd100k. wahahahahahahahahahahaha Mean they smart the ppl stupid as in 61 2 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 16, 2022 Share Posted October 16, 2022 17 hours ago, The_King said: Mean they smart the ppl stupid as in 61 means banks r lucky not to take my biz. one rm actually suggested that i top up the refinancing with personal loan as well. nb, limpeh is cash rich, need smlj personal loan. wahahahahahahahahahahaha 2 Link to comment Share on other sites More sharing options...
Bigbird Posted October 17, 2022 Share Posted October 17, 2022 On 10/16/2022 at 2:44 PM, socrates469bc said: means banks r lucky not to take my biz. one rm actually suggested that i top up the refinancing with personal loan as well. nb, limpeh is cash rich, need smlj personal loan. wahahahahahahahahahahaha Many RMs are just like insurance salesman! They just repeat what its said in the product brochure! Many of these RMs like to emphasis theyu have the lowest loan rates and its very popular! I joke with them i also want to loan out cash like them, i also can give good rates! 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted October 18, 2022 Share Posted October 18, 2022 11 hours ago, Bigbird said: Many RMs are just like insurance salesman! They just repeat what its said in the product brochure! Many of these RMs like to emphasis theyu have the lowest loan rates and its very popular! I joke with them i also want to loan out cash like them, i also can give good rates! recently a rm tried to sell me a knock-in knock-out hybrid with 6% interest rate and lock-in of 2yrs. knock-in at 80% while knock-out at 110% limpeh countered give me a knock-in of 70% and knock-out of 125% then limpeh may take. then give me craps abt the stock not being volatile. really is kong bigbird wei. Link to comment Share on other sites More sharing options...
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