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Singapore tightens monetary policy for first time in 6 years

Central bank cites steady growth and inflation but warns of 'trade uncertainty'

The Monetary Authority of Singapore said that rising trade tensions "pose a downside risk to the growth outlook." (Photo by Kentaro Iwamoto)

SINGAPORE -- Steady economic growth and continued inflation have prompted Singapore's central bank to tighten monetary policy for the first time in six years. The city-State follows Malaysia, South Korea and Hong Kong, all of which have increased policy rates in recent months.

The Monetary Authority of Singapore on Friday said in its semiannual monetary policy statement that it would slightly increase the slope of the Singapore dollar's exchange policy band from zero percent, to guide a modest appreciation of the currency.

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