SGD gains 1.3% annually against MYR from 2020 to 2025, says Alvin Tan

He confirms the currency has been steadily rising since 2021.

The Singapore dollar has appreciated against the Malaysian ringgit at an average annual rate of 1.3% from 2020 to 2025, Minister of State for Trade and Industry and Monetary Authority of Singapore (MAS) board member Alvin Tan told parliament.

Tan said the local currency’s trade-weighted exchange rate has been on a gradual appreciating path since October 2021, with its strength and stability assessed against medium-term price stability in the economy.

His reply was in response to Yip Hon Weng, Member of Parliament for Yio Chu Kang SMC’s question on the Singapore dollar’s weakness versus the ringgit, its labour market impact, and potential MAS policy adjustments.

“It is important to emphasise that MAS manages the Singapore dollar against a trade-weighted basket of currencies of its major trading partners and not against any bilateral exchange rate,” he added.

On labour market implications, Tan noted that non-resident labour inflows primarily reflect the country’s overall economic growth and employment prospects.

“MAS will continue to closely monitor economic and financial developments and is in an appropriate position to adjust its monetary policy stance to ensure medium-term price stability,” he said.

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