Economists see no impetus for MAS to adjust policy before mid-2025

They expect changes only when core inflation nears 1.8% YoY.

Experts expect the Monetary Authority of Singapore (MAS) to maintain its policy parameters unchanged at least through the first half of 2025, saying there’s "no impetus" for changes.

According to RHB economists, the current monetary policy parameters remain "appropriate for maintaining Singapore's price pressures."

"The MAS' goal to ensure stable prices in 2025 will dominate monetary policy decisions; we expect headline and core inflation pressures at 2.3% and 1.8%, respectively, in line with the official range forecast of 1.5 – 2.5%, thus suggesting little impetus for monetary policy to move anytime soon," RHB economists said.

UOB economists said MAS will only likely commence a policy normalisation via a slight slope reduction when year-on-year core inflation is "very close" to desired levels of 1.8% YoY and when GST effects have completely washed out.

As of September, core inflation was at 2.8% YoY.

"Our base case calls for a 'slight' reduction by 50 bps to the S$NEER slope either in the January or April 2025 monetary policy statement," UOB said.

Follow the link for more news on

MAS

monetary policy

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia