Singapore Forgoes Currency Stimulus on Inflation Risk: Economy

Singapore Forgoes Currency Stimulus on Inflation Risk: Economy - Businessweek: AsiaOneSingapore Forgoes Currency...

Singapore unexpectedly refrained from monetary stimulus, spurring gains in the region’s best- performing currency as inflation risks trump worries over a shrinking economy. Gross domestic product fell an annualized 1.5 percent in the three months through September from the previous quarter, when it expanded a revised 0.2 percent, the Trade Ministry said today. The median estimate of 16 economists in a Bloomberg News survey was for a 1.6 percent decline. The central bank, which uses the currency to manage inflation, said it will maintain a modest and gradual appreciation of the local dollar. Singapore joins Asian nations from China to India in limiting monetary stimulus as they guard against price risks even as fiscal austerity in the euro area weighs on the world economy. The island’s dollar rose to the strongest level since Sept. 17 after the central bank said inflation w...

Full article: http://www.businessweek.com/news/2012-10-11/singapore-s-g...

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The masters of economic intervention, South East Asia, are exercising restraint in face of calls for monetary stimulus [link]
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