Learn how Singapore's central bank manages inflation through the S$NEER exchange rate policy instead of interest rates, and why the approach is unique.

MAS holds Singapore dollar policy band steady with inflation projected at 1.5-2.5% for 2026, following its first tightening since 2022 in April.

Unlike most central banks, the MAS manages medium-term price stability by managing the Singapore dollar exchange rate against a trade-weighted basket of currencies.