Singapore Interest Rate

Last Release

Aug 07, 2024

Actual

3.57

Units In

3.61

Frequency

Daily

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
20 Jan 1990	-0.75 Oct 1993	1.91 %	1988-2024	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) left its monetary policy setting in July 2024, extending the pause for the 5th time in a row amid moderate imported inflation. The central bank said it will maintain the prevailing rate of appreciation of SGD nominal effective exchange rate policy band (S$NEER), with no changes to its width and the level at which it is centered. MAS noted the city-state's headline inflation, CPI all-item, edged down to 2.8% yoy in Q2 of 2024 from 3.0% in Q1, due to lower-than-expected private transport costs in recent months. Meanwhile, it kept forecasts for core inflation at 2.5 to 3.5% this year, noting a further slowdown in Q4 to move around 2% in 2025 as crude oil prices have retreated from their peak in April. Regarding the GDP, growth is likely to come closer to its potential rate of 2 to 3%, due to better performance in H2 of 2024, with manufacturing and financials benefiting from the broadening tech upturn and the expected fall in global interest rates.