Another policy easing almost unavoidable for MAS, says Credit Suisse

In order to counter the economic slowdown.

The Monetary Authority of Singapore (MAS) is likely to ease policy again in October in order to counter the country's persistent economic slowdown.

According to Credit Suisse, the MAS will shift to a neutral policy stance--or zero appreciation of the SGD--to allow it to drive the nominal effective exchange rate (NEER) lower.

This will allow the MAS to ride out the current slowdown while waiting for clearer signs on the outlook for growth and the labour market.

“We expect the NEER to fall towards the bottom of its policy bands on confirmation of a dovish central bank shift. The weak domestic and global growth environment will likely encourage expectations for further MAS easing. If this were the outcome and SGD NEER trades towards the bottom of the band, we expect renewed upward pressure on frontend rates, SOR and SIBOR,” said the report.

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