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Singapore tightens monetary policy again; Q3 GDP up 4.4%

Fifth round of tightening in a year aims to counter persistent inflation

Singaporean authorities are attempting to keep inflation in check.   © Reuters

SINGAPORE -- The central bank of Singapore tightened its monetary policy on Friday, the fifth time it has done so since October last year, as the financial hub attempts to contain inflation fueled by global supply disruptions and a tight labor market.

The city-state also announced that its economy grew 4.4% on the year in the July-September quarter, down slightly from the 4.5% expansion in the previous quarter, according to preliminary data. The GDP figure for the latest term beat forecasts, however -- economists polled by Reuters had projected 3.4% growth for the period.

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