Singapore Interest Rate

Last Release

Apr 23, 2025

Actual

2.14

Units In

2.15

Frequency

Daily

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
20 Jan 1990	-0.75 Oct 1993	1.97 %	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) eased its monetary policy again, following a similar move in January—the first since 2020—amid weaker-than-expected Q1 GDP growth of 3.8% and a deteriorating global economic outlook. The central bank said on Monday it would maintain a modest and gradual appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) band but at a slightly reduced rate. The width and center of the band remain unchanged. “Amid the weakening external outlook, Singapore's output gap will turn negative,” the central bank noted, adding that cost pressures will stay low and “MAS Core Inflation is forecast to stay well below 2%.” It also said, “The risks to inflation are tilted towards the downside.” MAS lowered its 2025 core inflation forecast to 0.5%-1.5% from 1.0%-2.0% previously and cut its headline inflation forecast to 0.5%-1.5%, from 1.5%-2.5%.