Singapore Interest Rate

Last Release

Mar 27, 2025

Actual

2.98

Units In

2.94

Frequency

Daily

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
20 Jan 1990	-0.75 Oct 1993	1.96 %	1988-2025	Monetary Authority of Singapore

The Monetary Authority of Singapore does not control the monetary system by monitoring interest rates. Instead, it manages the Singapore dollar (SGD) exchange rate against a trade-weighted basket of currencies of Singapore's major trading partners and competitors. On January 28th, 2015 Singapore’s Monetary Authority surprisingly reduced the slope at which the SGD appreciates against main currencies, citing lower inflation expectations due to falling oil prices. The Singapore Overnight Rate Average or SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8.00am and 6.15pm.

Latest Updates

The Monetary Authority of Singapore (MAS) loosened its monetary policy in January 2025, its first such move since 2020 amid a faster-than-expected fall in core inflation and concerns about domestic economic slowdown as headwinds from global trade policy heighten. The central bank said it will slightly reduce the slope of the SGD nominal effective exchange rate (S$NEER) policy band, with no changes to its width or the level at which it is centered. Core inflation in the city economy fell to 1.9% yoy in Q4 from the prior 2.7%. Figures are expected to average 1.0–2.0% in 2025, lower than October's estimates of 1.5–2.5%. Meantime, headline inflation may reach between 1.5%–2.5% in 2025, compared to 2.4% in 2024. Regarding the GDP, growth is projected at around 1%-3% in 2025, less than 4% in 2024, with output levels keeping close to potential for 2025. "The impact of shifts in global trade policies could weigh on manufacturing and trade-related services sectors," MAS said in a statement.