SINGAPORE: Singapore’s central bank left its monetary policy unchanged on Wednesday (Apr 14), as widely expected, on the back of weak inflation and uncertainties from the COVID-19 pandemic.

In its half-yearly monetary policy statement, the Monetary Authority of Singapore (MAS) said it is maintaining “a zero per cent per annum rate of appreciation” of its policy band.

The width of the policy band and the level at which it is centred also remains unchanged.

All 15 economists polled by Reuters had predicted that the central bank would keep its exchange rate-based policy settings unchanged.

Instead of setting interest rates, the MAS manages the economy through the currency. It lets the exchange rate float within an unspecified policy band, and changes the slope, width and centre of that band when it wants to adjust the pace of appreciation or depreciation of the Singapore dollar.