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2 September 2009

IMF says Singapore monetary policy broadly appropriate

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The International Monetary Fund (IMF) said in a report that barring a significant deterioration of growth outlook or inflation, the Singapore's monetary policy should remain as it is until a recovery is clearly established.

According to local TV broadcaster Channel News Asia on Tuesday, the Executive Board of the IMF describes Singapore's monetary policy settings as "broadly appropriate, supporting domestic demand without undermining exchange rate stability" in the report.

The report also observed that the Singapore dollar in real effective terms appears to be somewhat weaker than its medium-term equilibrium level.

However, it added that the real effective exchange rate should strengthen in line with fundamentals, once a global recovery takes hold.

The IMF also projects that Singapore's economy would grow 2.5 percent next year.

The economy contracted by 6.5 percent in the first half of 2009. The government estimated that the economic growth forecast for 2009 will be at minus 6.0 to minus 4.0 percent.



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