Singapore's central bank unexpectedly refrained from easing monetary policy even as the economy contracted in the past quarter, saying inflation will remain high for some time. The Singapore...
- Sat
- May 25, 2013
- Updated: 3:57pm
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Moves to free-up the Singapore dollar's usage mark another step in the republic's drive to ensure its place in the new millennium as a leading regional financial hub.
Singapore's basic policy of not encouraging the internationalisation of its dollar remains unchanged despite a current review of the policy, according to Deputy Prime Minister Lee Hsien Loong.
Despite the sharp drop in economic growth in the first quarter, the Monetary Authority of Singapore (MAS) says it is maintaining its forecast of 5 per cent to 7 per cent growth for this year.
Singapore's March bank loans rose 14.4 per cent from a year ago, slower than February's gain of 15 per cent, the Monetary Authority of Singapore said.
Bank loans advanced to S$129.4...
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