Singapore's central bank keeps monetary policy unchanged
SINGAPORE -Singapore's central bank left its monetary policy unchanged on Friday, in line with expectations, as authorities looked for signs inflation in the city-state was moderating.
Gross domestic product rose 2.7% year-on-year in the first quarter of this year, according to advance estimates published by the trade ministry on Friday. A Reuters poll had estimated first quarter GDP growth at 2.9%. OCBC economist Selena Ling said it was"too premature to pull the trigger on easing when the view that core CPI will step down in 4Q24 into 2025 remains intact".
"The economy is cruising once again, while core inflation remains sticky," Maybank economist Chua Hak Bin said."We see low odds of a move at the next MAS meeting in July. We expect the MAS to ease only in October, at the earliest."
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