Singapore Interest Rate

Last Release

Nov 14, 2024

Actual

2.96

Units In

3.07

Frequency

Daily

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
20 Jan 1990	-0.75 Oct 1993	1.94 %	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) kept its monetary policy setting unchanged in October 2024, extending the pause for the sixth time amid moderate core inflation. The central bank said it will maintain the prevailing rate of appreciation of the SGD nominal effective exchange rate policy band (S$NEER), with no changes to its width or the level at which it is centered. MAS noted Singapore’s core inflation retreated to 2.6% year-on-year in July-August from 3.0% in Q2, as consumer price increases fell across a broad range of goods and services. Core inflation is expected to end the year around 2% and average between 2.5 to 3.0% for 2024, down from 4.2% in 2023. Meanwhile, headline inflation may fall to around 2.5% from 4.8% in 2023. The board viewed the inflation outlook risks are more balanced than three months ago. Regarding the GDP, the economy is expected to continue expanding steadily and remain close to its potential path in 2025, barring a weakening in global demand.